Gramercy Capital Closes $3.3B AFR Buy

NEW YORK CITY-Gramercy Capital Corp. has closed on its $3.3-billion, $5.50-per-share, acquisition of American Financial Realty Trust. The deal, which was first announced in November, adds 29.2-million sf of commercial real estate to Gramercy’s portfolio.

“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.