GRT announces $1.1b sale of 41-property office portfolio

Griffin Realty Trust has sold a majority interest in a 41-property office portfolio consisting of 53 buildings and one land parcel valued at $1.132 billion.

The new owner is a consortium led by Thomas A. Rizk and Roger W. Thomas, founders, Workspace Property Trust.

“We are pleased to complete this transaction which reduces debt on our balance sheet and de-risks our portfolio in consideration of current capital market conditions and the continued pressure that pandemic-related work-from-home trends are exerting on leasing demand and property valuations in the office sector,” said Michael Escalante, GRT’s president and CEO. “The sale of these office assets advances our recently announced strategic monetization process, which is intended to provide stockholders with as much liquidity as possible amid the current capital markets environment while maximizing value. We look forward to continuing to focus on the successful execution of this strategic monetization proc