California + Los Angeles + Industrial | March 3, 2021

GCEAR Acquires CCIT II in a Stock-for-Stock Transaction

Griffin Capital Essential Asset REIT Inc. (GCEAR) recently announced the completion of its previously announced merger with Cole Office & Industrial REIT Inc. (CCIT), whereby GCEAR acquired CCIT II in a stock-for-stock transaction. The transaction combines two portfolios of corporate office and industrial properties with long-term net leases to creditworthy tenants. The GCEAR portfolio now consists of 123 properties across 26 states and has a total asset value of $5.8 billion.

“We are excited to welcome the CCIT II stockholders to GCEAR,” said Michael J. Escalante, chief executive officer and president of GCEAR. “Joining our two highly complementary portfolios materially enhances the scale and diversification of the combined enterprise while reducing overall operating costs. As a result, we believe we are well-positioned to capitalize on future value-enhancing opportunities for both groups of stockholders.”

Goldman Sachs & Co. LLC acted as the lead financial adviser to GCEAR. BofA Securities Inc. also served as a financial adviser to GCEAR. Hogan Lovells US LLP acted as the legal adviser to GCEAR.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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