Gramercy Property Trust Agrees to $7.6 Billion Sale to Blackstone

Gramercy Property Trust (NYSE: GPT) said May 7 that it has agreed to be acquired by affiliates of Blackstone Real Estate Partners VIII for $27.50 per share in an all-cash transaction valued at $7.6 billion.

The offer represents a 15 percent premium above Gramercy’s closing share price of $23.82 on May 4. Completion of the transaction is currently expected to occur in the second half of 2018.