Gramercy Property Trust

Gramercy Property Trust Inc.
Real estate investment trust
Traded as NYSE: GPT
Industry Real estate
Headquarters United States
Website Gramercy Property Trust

Gramercy Property Trust Inc. (NYSE: GPT), formerly Gramercy Capital Corp. Inc, is a real estate investment trust (REIT) and a commercial real estate specialty finance company. Substantially all of Gramercy's operations are conducted through its general partner, GKK Capital LP. Gramercy focuses on the direct origination and acquisition of whole loans, subordinate interests in whole loans, mezzanine loans, bridge loans, preferred equity, and net lease investments involving commercial properties throughout the United States.

Gramercy has also established a real estate securities business that focuses on the acquisition, trading and financing of commercial mortgage-backed securities (CMBS). As of December 31, 2007, the Company held loans, other lending investments, and CMBS of approximately $3.4 billion, net of fees, discounts, and unfunded commitments. It also holds interests in three credit tenant net lease investments investments, two interests in joint ventures and a 100% fee interest in a property.

On April 15, 2013, the company changed its name to Gramercy Property Trust Inc., and its ticker to GPT, from Gramercy Capital Corp. Inc with GKK "to more appropriately reflect the future of the Company as a pure-play net lease equity REIT."[1]

Properties

In 2004 Bank of America bought FleetBoston and kept the Union Station (Albany, New York) building.[2] The next year, the bank sold Kiernan Plaza to American Financial Realty Trust and leased the building back.[3] In 2008 American Financial Realty Trust was bought out by Gramercy Realty Corp. and in October 2009 Bank of America decided to consolidate its operations at Kiernan Plaza with others in Albany by moving them to a State Street building also owned by Gramercy, with no job losses.[4]

On April 1, 2008, American Financial was bought by Gramercy Capital, which assumed ownership of the 100 North Main Street building. Gramercy then sold the property to the current owner, SL Winston-Salem LLC, on October 23, 2008 for $36 million.[5]

See also

References

  1. ↑ http://www.gptreit.com/company-history
  2. ↑ Kevin Harlin (2004-07-17). "Kiernan Plaza secure as Bank of America". Albany Times Union. Retrieved 2009-04-21.
  3. ↑ Kevin Harlin (2004-12-04). "Former Fleet properties sold". Albany Times Union. Retrieved 2009-04-21.
  4. ↑ Churchill, Chris (2009-10-21). "A Landmark Soon to Fall Empty". Times Union. Hearst Newspapers. p. A1. Archived from the original on 2011-04-30. Retrieved 2011-07-10.
  5. ↑ Richard Craver (November 16, 2008). "Sold! Investors take chance on Wachovia Center". Winston-Salem Journal. Retrieved December 3, 2009.
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