Gramercy, Chambers St. Finalize Merger
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The merger closing marks “the beginning of an exciting new chapter,” DuGan says.
NEW YORK CITY—Gramercy Property Trust and Chambers Street Properties have formally come together, with the merger that resulted in a $5.8-billion office and industrial net lease REIT closing on Thursday. The combined company, which retains the Gramercy name and New York Stock Exchange symbol, has also lined up a total of $2.25 billion in new financings.
Calling the merger closing “the beginning of an exciting new chapter for our company,” Gramercy CEO Gordon DuGan says Chambers Street represents “an ideal partner for long-term growth. We are confident that shareholders will benefit from Gramercy’s larger size and scale, increased financial flexibility, broader tenant diversification, and more efficient operating platform.”…
