Griffin Realty Trust sells majority interest in $1.132B office portfolio, retains 49%

Peakstone Realty Trust

Sale of 41-property office portfolio (53 buildings) for $1.132B in cash to Galaxy REIT LLC and affiliate.
GRT retains 49% interest via a joint venture with institutional buyer; managed by Workspace Property Trust affiliate.
Net proceeds primarily used to repay debt; pro forma cash reduced from $202.7M to $235.5M after adjustments.
Post-sale wholly owned portfolio: 80 properties, 21.6M sq ft, 95% occupancy, 7.1-year WALT, 77% office/23% industrial.
Sale advances strategic monetization process with advisors Eastdil Secured, Goldman Sachs, and BofA Securities.

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