Peakstone Realty Trust Terminates Executive Vice President

Peakstone Realty Trust (NYSE: PKST), formerly a publicly registered non-traded real estate investment trust known as Griffin Realty Trust, announced the termination of Louis K. Sohn, formerly an executive vice president, without cause, effective Dec. 31, 2023. No details were provided as to the reason for the termination.

In connection with the termination of Sohn’s employment, he will receive payments and benefits equal to nearly $1.2 million, as established in his employment agreement with Peakstone. He will also receive accelerated vesting of all company equity-based awards held by Sohn and of his account under the company’s executive deferred compensation plan.

Previously, the company announced its plan to pursue a listing of the company’s common shares on the NYSE in February 2023 and changed its name in March 2023.

As The DI Wire reported, Peakstone debuted on the New York Stock Exchange in April 2023. At the close of trading shares finished at $11.65, up 45.62% after starting the trading day at $8.00. Shares traded at $17.30 at the close of the trading day yesterday.

Prior to its debut on the NYSE, Peakstone’s most recently reported estimated net asset value per share was $66.87, following the nine-for-one reverse stock split executed by the company on March 8, 2023.

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 consisted of real estate assets totaling 19 million square feet across 24 states.

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