NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust (NYSE: GPT), a real estate investment trust, announced today that it closed on the disposition of Weston Pointe I-IV, a four-building business campus with 24 separate tenants located in Weston, Florida, for a gross sale price of approximately $114.8 million or $296 per square foot. The property was held in a joint venture, with the Company owing an 80% interest. The sale is part of the Company's previously announced plan to dispose of select single and multi-tenant office assets. The exit cap rate was 6.4% on in-place cash NOI. Net cash proceeds to the Company from the sale will equal approximately $47.4 million after payment of transaction costs, net seller credits, and loan prepayment costs and adjustment for the minority joint venture interest.

The Company has approximately $386.0 million in additional gross asset sales under contract that are expected to close by the end of the first quarter 2016 and another approximately $300.0 million of assets currently in the market and expected to close in the first half of 2016.

Company Profile

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.

To review the Company's latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.

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Gramercy Property Trust
Brittany A. Sanders, Investor Relations, (212) 297-1000

Source: Gramercy Property Trust

Gramercy Property Trust Inc. issued this content on 14 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 16:21:18 UTC

Original Document: http://ir.gptreit.com/file.aspx?IID=4092552&FID=32537815