Gramercy Completes Buyout and Dissolution of Duke Joint Venture

NEW YORK--(BUSINESS WIRE)--

Gramercy Property Trust GPT, a real estate investment trust, announced today the approval of the dissolution of its joint venture with Duke Realty Corporation DRE. As a result of the dissolution, eight properties were distributed to the joint venture partners on June 30, 2016. Seven of these properties were distributed to Gramercy Property Trust. The seven assets are comprised of five industrial properties and two office properties located in Dallas, Chicago, Indianapolis, Columbus, Jacksonville, Tampa and Nashville aggregating 4.2 million square feet. These assets are now wholly owned by Gramercy Property Trust. The joint venture retained a 1.0 million square foot industrial property located in Phoenix, which is under contract for sale and expected to close in the third quarter of 2016. With the disposition of this property, the joint venture will be dissolved.

About Gramercy Property Trust

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.

To review the Company's latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.

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