Gramercy, Garrison Form JV For $485M BofA Office Portfolio

Law360, New York (August 21, 2012, 1:27 PM EDT) -- Real estate investment company Gramercy Capital Corp. has teamed up with an affiliate of distressed asset investor Garrison Investment Group to buy the interests of a group of companies in 115 office buildings, most leased to Bank of America NA, from a KBS Real Estate Investment Trust Inc. subsidiary for $485 million.

The deal amount includes the $470 million purchase price of the office portfolio plus the $15 million value of 6 million KBS shares that will be issued at closing, which is expected to be...
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