Griffin Capital Essential Asset REIT II Acquires State-of-the-Art Corporate Headquarters in Parsippany, New Jersey from Norma...
December 22 2016 - 2:01PM
Griffin Capital Corporation (“Griffin Capital”) announced today, on
behalf of Griffin Capital Essential Asset REIT II, Inc. (the
“REIT”), the acquisition of a Class “A”, three-story, 125,735
square-foot office facility (the “Property”) fully leased to Zoetis
Services LLC (“Tenant”) and guaranteed by the Tenant’s parent
company, Zoetis Inc. (the “Company”) (NYSE:ZTS) from Normandy Real
Estate Partners and Partners Group (“Seller”). The Property was
originally constructed in 1984, but the Seller commenced a complete
demolition and renovation after signing a lease in July 2015 with
the Tenant for its global headquarters. The REIT purchased the
Property for $44.0 million from Normandy Real Estate Partners and
Partners Group.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/eaec5fa8-cedd-4274-8cbc-fba9faee57a8
Commenting on the acquisition, Louis Sohn,
Griffin Capital’s Director of Acquisitions said, “We are pleased to
further expand our footprint in the growing New Jersey market and
acquire this Class “A” property located in the premier Mack-Cali
Business Campus. The addition of this property to our growing
portfolio of high quality assets further positions the REIT to
create shareholder value over the long term.”
Michael Escalante, Griffin Capital's Chief
Investment Officer and President of the REIT, added, “With the
business essential nature of the operations on-site, investment
grade tenancy, annual rental rate escalations, institutional
quality asset, and long-term lease duration, this transaction
captures the majority of the salient acquisition criteria that we
target for the REIT. This acquisition also marks a
significant milestone for Griffin Capital Essential Asset REIT II,
Inc., elevating the REIT’s total capitalization above $1
billion.”
The Property is located within the Mack-Cali
Business Campus near Interstate 80 and Interstate 287, which are
two of New Jersey’s main highways.
Jose Cruz and Kevin O’Hearn of HFF represented
the Seller of the Property.
About Griffin Capital Essential Asset
REIT II Griffin Capital Essential Asset REIT II, Inc. is a
publicly registered non-traded REIT focused on acquiring a
portfolio consisting primarily of single tenant business essential
properties throughout the United States, diversified by corporate
credit, physical geography, product type and lease duration. As of
December 16, 2016, Griffin Capital Essential Asset REIT II, Inc.
has acquired 31 office and industrial buildings totaling
approximately 6.5 million rentable square feet and asset value of
approximately $947.2 million.
About Griffin Capital
CorporationLed by senior executives with more than two
decades of real estate experience collectively encompassing over
$22 billion of transaction value and more than 650 transactions,
Griffin Capital and its affiliates have acquired or constructed
approximately 55.4 million square feet of space since 1995. Griffin
Capital and its affiliates own, manage, sponsor and/or co-sponsor a
portfolio consisting of approximately 38 million square feet of
space, located in 30 states and the United Kingdom, representing
approximately $6.9 billion* in asset value, based on purchase
price, as of September 30, 2016. Additional information about
Griffin Capital is available at www.griffincapital.com.
*Includes the property information related to interests held in
certain joint ventures.
This press release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements can generally be identified by our use of
forward-looking terminology such as “may,” “will,” “expect,”
“intend,” “anticipate,” “estimate,” “believe,” “continue,” or other
similar words. Because such statements include risks, uncertainties
and contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These risks, uncertainties and contingencies include, but are not
limited to: uncertainties relating to changes in general economic
and real estate conditions; uncertainties relating to the
implementation of our real estate investment strategy;
uncertainties relating to financing availability and capital
proceeds; uncertainties relating to the closing of property
acquisitions; uncertainties relating to the public offering of our
common stock; uncertainties related to the timing and availability
of distributions; and other risk factors as outlined in the REIT’s
prospectus, as amended from time to time. This is neither an offer
nor a solicitation to purchase securities.
Jennifer Nahas
Vice President, Marketing
Griffin Capital Corporation
jnahas@griffincapital.com
Office Phone: 949-270-9332
Cell Phone: 949-433-6860
Joseph Kuo / Matthew Griffes
Haven Tower Group
jkuo@haventower.com / mgriffes@haventower.com
424 652 6520 ext 101 or ext 103
Zoetis (NYSE:ZTS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zoetis (NYSE:ZTS)
Historical Stock Chart
From Jul 2023 to Jul 2024