NEW YORK--(BUSINESS WIRE)--
Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment
trust, announced today the closing of the public offering of 46,000,000
shares of its common stock, which includes the exercise in full by the
underwriters of their option to purchase up to 6,000,000 additional
shares of common stock.
The Company further announced that the net proceeds from the public
offering were approximately $218.2 million, after deducting the
underwriting discount and estimated offering expenses payable by the
Company. The Company intends to use a portion of the net proceeds of the
offering to fund the cash purchase price for the previously announced
acquisition of the 50% joint venture interest held by affiliates of
Garrison Investment Group, L.P. The Company currently owns the other 50%
interest in the joint venture. The remaining proceeds are expected to be
used for general corporate purposes, including acquisitions of target
assets consistent with the Company’s investment strategies and for
working capital purposes.
Morgan Stanley, BofA Merrill Lynch and J.P. Morgan acted as joint
book-running managers for the offering. RBC Capital Markets acted as
senior co-manager and JMP Securities, Ladenburg Thalmann & Co. Inc.,
Compass Point, BNY Mellon Capital Markets, LLC and CJS Securities, Inc.
acted as co-managers. The Company’s counsel for the offering was Morgan,
Lewis & Bockius LLP, and the underwriters’ counsel for the offering was
Hunton & Williams LLP.
The offering was made pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission (“SEC”). The
offering was made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained by contacting:
Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014,
Attention: Prospectus Department, telephone: (866) 718-1649; BofA
Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus
Department, email: firstname.lastname@example.org;
or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717 or by calling
1-866-803-9204. These documents were also filed with the SEC and are
available at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall there
be any sale of these securities, in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring and
managing income-producing industrial and office properties net leased to
high quality tenants in major markets throughout the United States. The
Company also operates an asset management business that manages for
third parties, including our joint venture partners, commercial real
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are based upon the
Company's present expectations, but these statements are not guaranteed
to occur. The risks and uncertainties associated with forward-looking
information in this release include, but are not limited to, factors
that are beyond the Company's control, including the factors listed in
the prospectus supplement, the Company's Annual Report on Form 10-K and
in the Company's Quarterly Reports on Form 10-Q. The Company undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. For
further information, please refer to the Company's filings with the SEC.
Gramercy Property Trust Inc.
Jon W. Clark, 212-297-1000
Emily Pai, 212-297-1000
Source: Gramercy Property Trust Inc.