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Gramercy off-loads NoVa office asset for $145.5M

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Gramercy off-loads NoVa office asset for $145.5M

GramercyProperty Trust Inc. off-loaded a Sterling, Va., office campus foran aggregate gross sale price of $145.5 million, the company said March 30.

The price equates to $209 per square foot. The exit cap ratewas 6.7% on in-place 2016 cash NOI.

The company netted $142.1 million from the sale of PacificCorporate Park, a four-building office campus.

The divestment is part of the company's previous strategy ofselling select single and multitenant office assets. The company has off-loadedapproximately $646.3 million worth of said assets at a weighted average 5.7%exit cap rate since it started pursuing the plan.

The company noted that it has an additional $70.0 millionunder contract, and approximately $250.0 million of assets currently in themarket and the majority of these properties are expected to be sold during thefirst half.