Southeast

NEW YORK CITY--Gramercy Property Trust shareholders have approved its $7.6 billion acquisition by Blackstone Real Estate Partners VIII at its special meeting of shareholders held earlier today.

It can now build an incremental 289,000 net rentable square feet for a total of 900,000 net rentable square feet of data center capacity.

For its first deal in the US, the company partnered with other equity providers to buy 100,000 square feet of office space in Manhattan's Gucci building.

This acquisition brings Bridge's year-to-date total to nearly 4 million square feet of office space closed.

The trophy office asset has traded twice in the last decade.

The REIT is partnering with Industrious in a multi-property rollout.

Its acquisition of GE Capital's Energy Financial Services' Project Finance Debt Business is part of the REIT's push to be a “multi-cylinder finance company.”

As we move later in the cycle, American Realty Advisors recommends that investors increase allocations in core multifamily housing.