Griffin REIT Puts Up $40M For Verizon-Leased NJ Building

Law360, New York (October 8, 2013, 11:28 AM EDT) -- The real estate investment trust affiliated with Griffin Capital Corp. has struck a $40 million deal to purchase a 210,500-square-foot office building in Warren, N.J., that is fully leased to Verizon Wireless, Griffin announced Tuesday.

Griffin Capital Essential Asset REIT Inc. purchased the property from an institutional investor for about $190 per square foot.

Cellco Partnership, doing business as Verizon Wireless, will fully occupy the six-story class A office building through 2020, according to Griffin.

“From an industry and credit perspective, we are very optimistic about...
To view the full article, register now.