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Two major commercial real estate entities have launched a new platform aimed at the single-tenant office property market.
Gramercy Property Trust and TPG Real Estate have teamed up to operate Strategic Office Partners, which will begin business via the acquisition of six office assets valued at $187.5 million in the Los Angeles, San Francisco Bay Area, San Diego Nashville and Minneapolis markets. The two companies plan to acquire up to $1 billion in assets over a three-year period.
“We see a compelling investment opportunity in the office net lease sector and believe that this portfolio of high-quality assets in strong growth markets is poised to benefit from positive fundamental trends,” said Avi Banyasz, co-head of TPG Real Estate and partner in parent company TPG.
“We are excited to partner with TPG Real Estate, which is a best-in-class private equity investor,” said Ben Harris, president of Gramercy Property Trust. “Gramercy will look to leverage its extensive asset management experience from managing its own portfolio and the portfolios of third party clients to enhance the value of the platform over time.”