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Griffin Capital Essential Asset REIT Extends Follow-On Offering and Names Chief Accounting Officer

The board of Griffin Capital Essential Asset REIT, a publicly registered non-traded real estate investment trust, has extended the termination date of the company’s follow-on offering.

The board of Griffin Capital Essential Asset REIT, a publicly registered non-traded real estate investment trust, has extended the termination date of the company’s follow-on offering from September 20, 2019 to September 20, 2020.

Griffin Capital Essential Asset REIT launched its $2.2 billion follow-on offering in September 2017 and has raised approximately $53.1 million in investor equity, as of August 9, 2019. The company offers four share classes, including Class T, Class S, Class D and Class I shares.

The board also appointed Bryan Yamasawa to serve as chief accounting officer. The company noted that he has nearly 30 years of experience related to domestic/international accounting and financial reporting, real estate investment trust tax matters, cash management, Sarbanes-Oxley Act compliance and assisting with acquisitions/dispositions, debt financing and other capital market transactions.

Yamasawa has served as the CAO of Griffin Capital from April 2015 to December 2018, and Griffin Capital Real Estate Company since December 2018. He is the former senior vice president of finance at Turner Impact Capital LLC, a real estate private equity company, and has previously served as vice president of accounting and finance at Alexandria Real Estate Equities Inc., a publicly listed commercial real estate investment company.

Yamasawa graduated from California State University, Los Angeles, with a Bachelor of Business Administration degree and is a certified public accountant in the State of California.

In other company news, Everest REIT Investors I LLC, a private real estate investment firm, recently launched an unsolicited tender offer for up to 1 million Class E shares of the REIT. Everest is offering to pay $7.20 per share in the offer that expires on September 12, 2019. The company recommended shareholders reject the offer.

As of August 12, 2019, the net asset value per share of Class E common stock was $9.51 per share.

In April 2019, the REIT and its affiliate Griffin Capital Essential Asset REIT II merged to create a $4.7 billion, self-managed REIT that owned 101 properties totaling approximately 27.2 million rentable square feet.

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