News
National Office

TPG And NY’s Gramercy Property Enter JV To Buy $1B In Property

San Francisco-based private equity firm TPG Capital’s real estate fund has entered a JV with Gramercy Property Trust in New York, with plans to buy $1B worth of real estate properties over the course of three years.

The two firms announced the deal earlier this week, with Gramercy selling a 75% stake in its portfolio of six office assets to TPG Real Estate as part of the deal. The six properties are valued at $187.5M and are in Nashville, Minneapolis and the Los Angeles, San Diego and S.F. areas, Bloomberg reports.

The new $400M venture, Strategic Office Partners, will acquire Gramercy’s portfolio, though Gramercy maintains a 25% interest. [Bloomberg]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme