Griffin Capital Essential Asset REIT II Acquires IGT’s North American Gaming and Interactive Headquarters in Las Vegas, Nev...
September 29 2016 - 11:48AM
Griffin Capital Corporation (“Griffin Capital”) announced today, on
behalf of Griffin Capital Essential Asset REIT II, Inc. (the
“REIT”), the acquisition of a Class “A”, three-story, 222,268
square-foot office facility (“Property”) fully leased to IGT
(“Tenant”) and guaranteed by the Tenant’s parent company,
International Game Technology PLC (NYSE:IGT). IGT has
occupied the facility since it was constructed as a build-to-suit
in 2008. In November 2015, the Tenant executed a 15-year
triple net lease and is utilizing the Property as its North
American Gaming and Interactive Headquarters. The REIT purchased
the Property for $66.5 million from Panattoni Development Company
(“Seller”).
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/3cc048d2-5012-4541-afa4-d6110d9e3a3f
International Game Technology PLC is the world’s largest
developer of technology-based products and services and associated
content for worldwide gaming and lottery markets. The Property is
home to the key executives of the North American Gaming and
Interactive business unit, including the business unit’s CEO, as
well as the company’s engineering and sales staff. The
critical operating functions performed at the Property include
engineering, sales, corporate communications, and software
development. Located in the burgeoning Southwest Submarket within
close proximity to the major freeway network (215 Beltway and
Interstate 15), the Property offers the Tenant access to Las Vegas’
talented labor pool that is well versed in both gaming hardware and
software.
Commenting on the acquisition, Michael
Escalante, Griffin Capital’s Chief Investment Officer and President
of the REIT, said, “The IGT asset meets the REIT’s criteria of
investing in business essential, institutional-quality properties
leased to corporate tenants with healthy credit dynamics on a
long-term basis. Given those characteristics, this acquisition is
an excellent addition to our REIT’s portfolio and we are pleased to
welcome this market leader in the gaming machine industry to our
roster of tenants.”
The Seller was represented by The Shannon Team
of Newmark Grubb Knight Frank and CBRE.
About Griffin Capital Essential Asset
REIT II Griffin Capital Essential Asset REIT II, Inc. is a
publicly registered non-traded REIT focused on acquiring a
portfolio consisting primarily of single tenant business essential
properties throughout the United States, diversified by corporate
credit, physical geography, product type and lease duration. As of
September 27, 2016, Griffin Capital Essential Asset REIT II, Inc.
has acquired 28 office and industrial buildings totaling
approximately 4.5 million rentable square feet and asset value of
approximately $745 million.
About Griffin Capital
CorporationLed by senior executives with more than two
decades of real estate experience collectively encompassing over
$22 billion of transaction value and more than 650 transactions,
Griffin Capital and its affiliates have acquired or constructed
approximately 55 million square feet of space since 1995. Griffin
Capital and its affiliates own, manage, sponsor and/or co-sponsor a
portfolio consisting of approximately 38 million square feet of
space, located in 30 states and the United Kingdom, representing
approximately $6.8 billion* in asset value, based on purchase
price, as of August 1, 2016. Additional information about
Griffin Capital is available at www.griffincapital.com.
*Includes the property information related to
interests held in certain joint ventures.
This press release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements can generally be identified by our use of
forward-looking terminology such as “may,” “will,” “expect,”
“intend,” “anticipate,” “estimate,” “believe,” “continue,” or other
similar words. Because such statements include risks, uncertainties
and contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These risks, uncertainties and contingencies include, but are not
limited to: uncertainties relating to changes in general economic
and real estate conditions; uncertainties relating to the
implementation of our real estate investment strategy;
uncertainties relating to financing availability and capital
proceeds; uncertainties relating to the closing of property
acquisitions; uncertainties related to the timing and availability
of distributions; and other risk factors as outlined in the REIT’s
prospectus, as amended from time to time. This is neither an offer
nor a solicitation to purchase securities.
Jennifer Nahas
Vice President, Marketing
Griffin Capital Corporation
jnahas@griffincapital.com
Office Phone: 949-270-9332
Cell Phone: 949-433-6860
Joseph Kuo / Matthew Griffes
Haven Tower Group
jkuo@haventower.com / mgriffes@haventower.com
424 652 6520 ext 101 or ext 103
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