Chambers Street Properties Shareholders Approve Merger with Gramercy Property Trust

Chambers Street Properties ("Chambers Street" or the "Company")

, a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced today that its shareholders approved the issuance of the Company's common shares ("Merger Proposal") in connection with the pending merger with Gramercy Property Trust Inc. ("Gramercy") as well as the four annual meeting proposals at today's Annual Meeting of Shareholders ("Annual Meeting"). Approximately 84.1 percent of votes cast at the Annual Meeting voted in favor of the Merger Proposal, representing 132.5 million, or 56 percent, of the Company's outstanding shares. Under the terms of the merger agreement, Gramercy stockholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56 percent and Gramercy stockholders will own approximately 44 percent of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders. The transaction, which is subject to customary closing conditions, is expected to close on December 17, 2015.