Griffin Realty Trust Sells Majority Interest in Six Office Properties
December 30, 2022 | James Sprow | Blue Vault
On December 28, 2022, Griffin Realty Trust, Inc. (“GRT” or the “Company”) announced completion of the second phase of the previously announced sale of office properties to an investment group led by Workspace Property Trust. In this transaction, GRT sold a majority interest in a five-property portfolio (consisting of six buildings containing approximately 1.1 million square feet) valued at approximately $170.4 million. Proceeds from the transaction will be deployed to reduce debt and continue execution of the Company’s strategic monetization plan.
The six buildings – located in suburban Chicago, Dallas, San Jose, Cincinnati and Greensboro — when combined with the existing Workspace portfolio, increase the size of the Workspace holdings to 19 million square feet with over 200 buildings in 23 major metropolitan markets in the US. GRT will retain a minority ownership in the portfolio. UBS provided the debt financing.
Griffin Realty Trust, Inc. is an internally managed, publicly-registered, non-traded REIT. Griffin Realty Trust is committed to creating exceptional value for all its stakeholders through the ownership and operation of a diversified portfolio of strategically-located, high-quality, business-essential office and industrial properties that are primarily leased to nationally-recognized single tenants determined to be creditworthy.
As of September 30, 2022, GRT owned 79 properties, having made $1,193 million in dispositions in Q3 2022. The REIT had a portfolio comprising 21.1 million square feet.
Sources: Griffin Realty Trust, Inc., SEC, Workspace
