Gramercy Property Trust and TPG Real Estate form strategic office partners

Gramercy Property Trust and TPG Real Estate has partnered to form Strategic Office Partners that will aggregate a diverse portfolio of single-tenant office assets in high-growth metropolitan areas in the United States. TPG and Gramercy committed $400 million and secured a $200 million non-recourse credit facility from Morgan Stanley. The portfolio is comprised of high-quality single tenant net lease office assets totalling approximately one million square feet in the Los Angeles MSA, San Fransisco Bay Area, the San Diego MSA, Nashville and Minneapolis.