"In one transaction, we have effectively doubled the Company's size and diversified its asset base and income stream," says Marc Holliday, Gramercy's president and chief executive officer, in a statement. "As the market improves over time, Gramercy will be well positioned to take advantage of emerging opportunities on several fronts."
Jenkintown, PA-based AFR was founded in 2002, and its portfolio is made up of buildings housing Bank of America, Wachovia and other large financial institutions. The portfolio adds to locally based Gramercy's roughly $4.2 billion in debt investments, commercial real estate securities investments, net lease properties and other assets.
As part of the deal, PB Capital Corp., provided $240 million in financing for 48 buildings in the AFR portfolio along the East Coast that are 95% occupied by Wachovia. Cushman & Wakefield Sonnenblick Goldma arranged that transaction.
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