Press Release

Gramercy Property Trust Announces Disposition of $51.0 Million Fitness Center in Las Vegas

Company Release - 9/16/2015 8:30 AM ET

NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the disposition of a Life Time Fitness Inc. (“Life Time”) facility located in Summerlin, Nevada, for approximately $51.0 million. At the time of sale, the building was 100% net leased to Life Time through 2035. The Company acquired the property in June 2015 as part of an approximately $300.5 million, ten-property large format, high-end fitness center sale-leaseback transaction with Life Time. This sale is part of the Company’s previously announced plan to reduce the Company’s tenant exposure to Life Time to less than 5% of aggregate NOI within 12 months. The exit cap rate was 5.8%.

Company Profile

Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.

To review the Company’s latest news releases and other corporate documents, please visit the Company's website at or contact Investor Relations at 212-297-1000.

Gramercy Property Trust
Brittany A. Sanders, 212-297-1000
Investor Relations

Source: Gramercy Property Trust