Gramercy Property Trust Prices 3.8M Units

Gramercy Property Trust Inc.

, a real estate investment trust, announced today that, in connection with the Company's previously announced acquisition of a three property industrial portfolio, the Company has agreed to issue to the selling investors (“Current Property Owners”) approximately 3.8 million limited partnership units ("OP Units") of GPT Property Trust LP, the Company's operating partnership, based on the closing price of $6.19 per share of Company common stock on July 9, 2014. The balance of the purchase price, net of certain closing costs to be paid in cash, will be paid by the Company's assumption of in-place mortgage loans. Closing of the transaction is anticipated prior to July 31, 2014. OP Units can be converted on a 1:1 basis at the election of the unit holder into common shares of the Company (“Conversion Stock”). In connection with the foregoing, on July 10, 2014, the Company filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-3 that, when declared effective by the SEC, will permit the Current Property Owners to resell their Conversion Stock on a non-restricted basis as and when they elect to do so.