(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)

NEW YORK CITY- Gramercy Capital Corp. reported a strong liquidity position following its $485-million purchase of 115 office buildings primarily leased to Bank of America, company chief executive Gordon DuGan said during an investors call on Sept. 28.

Describing it as a “terrific asset of the company” with a “nice stream of cash flow,” Gramercy, which manages CMBS and other real estate debt, partnered with New York City-based Garrison Investment Group, a middle-market credit and asset-based investor, to acquire the 5.6 million-square-foot portfolio from KBS, which is approximately 81% leased to BofA under an 11-year master lease for a term ending in June 2023. The partners will own a 50% membership interest in the venture. DuGan explained the portfolio went for an 8.5% cap rate and expected debt of approximately 50 to 60% loan-to-value.