Griffin Realty Trust Completes Sale of Office Properties to Workspace Property Trust

Griffin Realty Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, announced the 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, Griffin Realty sold a majority interest in a five-property portfolio consisting of six buildings with approximately 1.1 million square feet valued at $170.4 million.

The company says proceeds from the transaction will be deployed to reduce debt and continue the execution of the Griffin Realty’s “strategic monetization plan.”

As previously reported by The DI Wire, Griffin Realty Trust’s “strategic monetization process” will involve a separation of the REIT by spinning off a new public company that will own a portfolio of primarily industrial assets, as well as certain office assets, and listing that company’s shares on a national exchange, providing stockholders with freely tradeable shares in the new public company.

Griffin Realty Trust Inc. is an internally managed non-traded REIT that owns and operates a portfolio of office and industrial properties that are primarily net leased to single tenants that the company has determined to be creditworthy.

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