Griffin Realty Trust, a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, announced it has changed its name to Peakstone Realty Trust.
The company previously announced a plan to pursue a listing of the company’s common shares on the New York Stock Exchange in February 2023.
As The DI Wire reported in August 2020, the company also publicized its “strategic monetization process” that included spinning off a new public company and liquidating the remaining assets as a result of the company’s review of strategic alternatives.
The company also announced that it has implemented a 1-for-9 reverse share split with respect to each class of its common shares. In the coming weeks, Peakstone says the company will provide additional details on the intended listing by uploading additional information to the company’s website and via public filings with the SEC.
“We are excited to move forward with our intended listing of the company’s common shares on the New York Stock Exchange,” Michael Escalante, Peakstone Realty Trust’s president and chief executive officer, said. “We continue to believe this approach represents the best available path forward to accomplish our long-term goals of providing liquidity to shareholders and the opportunity to maximize value over time. The corporate name change and reverse share split are two of the many steps we are taking to best position the company for a successful listing.”
Peakstone Realty Trust is an internally managed, publicly registered real estate investment trust that owns and operates predominately single-tenant industrial and office properties. As of March 10, 2023, Peakstone’s portfolio consists of real estate assets totaling 19 million square feet across 24 states.
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