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NEW YORK — Gramercy Property Trust Inc. (NYSE: GPT) has agreed to buy Garrison Investment Group’s 50 percent interest in a joint venture that owns a portfolio of 67 properties totaling approximately 3.1 million square feet across the United States for $92.2 million in cash. The properties are 96 percent leased to Bank of America. Gramercy currently owns the remaining 50 percent interest of the joint venture. The purchase and sales agreement values the joint venture’s assets at $395 million. At closing, New York-based Gramercy plans to repay the existing $200 million loan encumbering the portfolio with proceeds from a new unsecured credit facility. The acquisition is expected to close sometime during the second quarter. Additionally, Gramercy has also signed a commitment letter with J.P. Morgan Securities LLC and Merrill Lynch; Pierce, Fenner & Smith; J.P. Morgan Chase Bank; and Bank of America for a $400 million senior unsecured credit facility, which will consist of a $200 million senior revolving credit facility and an up to $200 million senior term loan. The revolving credit facility has an initial term of four years, with an option for a one-year extension, and will replace Gramercy’s senior secured credit facility. The term facility …

NEW YORK CITY AND PALM BEACH, FLA. — Two real estate investment trusts, NorthStar Realty Finance (NYSE: NRF) and Chatham Lodging Trust (NYSE: CLDT), have formed a $1.3 billion joint venture for 51 hotels known as the Innkeepers portfolio. NorthStar purchased a 89.7 percent stake in the joint venture from Chatham’s previous joint venture partner, Cerberus Capital Management. NorthStar and Chatham will co-own 47 of the 51 hotels, which total about 6,100 rooms. Approximately 83 percent of the hotels are affiliated with the Marriott and Hilton brands and are located mostly on the East and West coasts. Chatham will pay approximately $341.5 million to Cerberus for the four remaining hotels: four Residence Inn hotels in Silicon Valley that total 751 rooms. Chatham plans to invest $59 million to redevelop the hotels, which will include new lobby and public spaces in each hotel. Chatham will also expand the hotels’ room counts by 272 rooms combined. “The Cerberus/Chatham joint venture has been a great partnership and has proven to be a highly successful investment, turning our initial $37 million investment into distributions of approximately $114 million and profits of approximately $77 million, or $2.90 per share, in less than three years,” says …

SEATTLE — Wright Runstad & Co. will redevelop Rainier Square, a 140,000-square-foot retail property that is part of the University of Washington’s Metropolitan Tract in downtown Seattle. The project entails a 1.2 million-square-foot, mixed-use development located at 1333 5th Ave., just off Interstate 5 and a few blocks from the waterfront. Construction is scheduled to commence in the second half of next year. Once completed in late 2017, Rainier Square will contain a 50-plus-story tower with 750,000 square feet of office space and about 240 apartment units. It will also feature a 15-story, four-star hotel, as well as 30,000 square feet of ground-floor restaurants and retail shops. The total project is estimated to cost more than $500 million, according to reports. The University of Washington managed the developer selection process and chose locally Wright Runstad & Co. with approval from the university’s Board of Regents. Architecture and design firm NBBJ will design the new Rainier Square. “We are absolutely thrilled to be awarded this opportunity,” says Greg Johnson, Wright Runstad & Co.’s president. “The 66,000-square-foot site is the single best location in the city for this landmark project we are proposing. It is simply great real estate any way you …

LAKE FOREST, UPLAND AND ONTARIO, CALIF. — Centerline Capital Group has arranged a $175 million Fannie Mae credit facility for the refinancing of a five-property multifamily portfolio in California. Western National Group, an Irvine, Calif.-based developer, owner and operator of multifamily properties, is the borrower. Centerline and Western National Group have now worked together on similar financing deals for 16 properties in and around Orange County. “This structured credit facility with Fannie Mae was heavily negotiated and very complex due to the nature of the product,” says Suzanne Cope, senior vice president of Centerline’s affordable housing debt division. “However, the level of experience on all sides of the transaction helped facilitate a smooth and quick closing even with the payoff and defeasance of several existing bond deals.” The portfolio totals more than 1,500 units in the Los Angeles suburbs of Lake Forest, Upland and Ontario. Each of the properties included is of garden-style construction. Emerald Court Apartment Homes in Lake Forest is a 32-building, 288-unit complex constructed in 1986. The community offers one- and two-bedroom residences, as well as a clubhouse, fitness center, swimming pool and multiple laundry facilities. Constructed in 1988, Westridge Apartment Homes in Lake Forest is a …

ATLANTA — The final phase of $70 million in renovations at The Westin Peachtree Plaza in Atlanta is now complete. Architecture firm Cooper Cary, interior designer Carolyn Auger of Blackdog Studio and contractor Balfour Beatty, all based in Atlanta, revamped every interior element of the 73-story hotel. Renovations include a redesigned lobby, 1,073 remodeled guest rooms and suites, and a complete makeover of the revolving Sun Dial Restaurant, Bar and View. “The Westin brand is about living well, and the changes that we have made to this renowned Atlanta property are designed to inspire well-being in travel, work, meetings and vacations,” says Ron Tarson, general manager of The Westin Peachtree Plaza. “This renovation has redefined the Westin Peachtree Plaza, ensuring we will stay on the map as a premier travel destination and meeting location.” The lobby now features 85,000 square feet of meeting space, including the Peachtree and Savannah ballrooms. For larger conventions, the hotel has direct access to more than 400,000 square feet of exhibit and additional meeting space at America’s Mart and 200 Peachtree, an adjoining premier event facility. The hotel’s lobby was also revitalized with an upgraded Starbucks and lobby bar, renamed Bar 210 and is now …

NEW YORK — New York-based real estate private equity and asset management firm Savanna has acquired 110 William Street in the heart of Manhattan’s financial district in a joint venture with KBS Capital Advisors for $261.1 million. The property is a 32-story, 928,000-square-foot office tower located at the corner of William and John streets. Savanna and KBS purchased the building from Swig Equities and the Dubai Investment Group for $281 per square foot. Douglas Harmon and Adam Spies of Eastdil Secured were exclusive advisors for the transaction. Laurie Grasso and Susan Saslow of Hunton & Williams represented Savanna in the acquisition and Carl Schwartz of Hunton & Williams represented Savanna in the joint venture with KBS Capital Advisors. “It's an exciting time to be investing in downtown Manhattan as the long transformation has arrived, with over $30 billion in capital invested in downtown from both the public and private sector over the last 10 years,” says Adam Spies of Eastdil Secured. “As downtown has become the epicenter of the region’s vast pool of high-value knowledge workers, the demand for office space continues to increase, evidenced by a 22 percent year-over-year increase in rental rates as of the first quarter of …

LAS VEGAS — Las Vegas Arena Co., owned by AEG and MGM Resorts International (NYSE: MGM), has commenced construction on a privately funded $375 million indoor arena set to open in spring 2016. Located west of the Las Vegas Strip, between New York-New York and Monte Carlo resorts, the new 20,000-seat arena will host boxing, UFC and other sporting events, headline entertainment, awards shows and special events. “We are committed to ensuring that Las Vegas retains its title as ‘Entertainment Capital of the World’ for generations to come,” says Jim Murren, chairman and CEO of MGM Resorts International. “The addition of this world-class arena, which will attract new events to the market and enable existing events to grow in scale, is an integral component in that strategy.” The arena is expected to host more than 100 events annually. The property will house multiple locker facilities, dressing rooms, broadcast facilities and staging innovations that will bring sporting and entertainment events to Las Vegas. Additionally, sports architecture firm Populous designed the arena to achieve LEED Gold certification. Upon completion, the arena will feature 50 luxury suites, more than two dozen private boxes and other hospitality offerings that have never been featured in …

WASHINGTON, D.C. — Washington Real Estate Investment Trust (NYSE: WRE) has acquired a 185,000-square-foot office building in Washington, D.C., for $104.5 million. The 11-story building is located at 1775 Eye Street, NW at the intersection of 18th and Eye streets in the central business district. It sits directly across from Farragut West (blue and orange lines) and two blocks from Farragut North (red line) Metro stations. The property was 62 percent leased at the time of sale. It is currently undergoing its second renovation, which includes a modernized lobby, common areas and fitness facility. The building was originally constructed in 1964. It received its first renovation in 1997 when the owner replaced the façade, storefronts and all of the building systems. “Acquiring 1775 Eye Street is yet another example of Washington REIT executing on its stated office strategy acquiring high-quality, well-located urban and metro centric assets,” says Paul McDermott, the REIT’s president and CEO. “This value-add acquisition further increases our downtown footprint at a prime location that provides a tremendous opportunity to create value for our shareholders through effective leasing of this property above its current level.” This is Washington REIT’s third acquisition in downtown Washington, D.C., this year. It …

NEW YORK CITY — Studley, a New York-based real estate brokerage firm specializing in tenant representation, will merge with London-based advisory firm Savills plc in a transaction valued at $260 million. The combined company, to be known as Savills Studley, will have more than 500 locations worldwide. Current Studley Chairman and CEO Mitchell Steir will serve in those same roles for Studley Savills. Studley President Michael Colacino will also retain his position in the new entity. Additionally, Steir and Colacino will share a seat on the Savills group executive board. “This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry,” says Steir. “Studley and our clients will benefit from being part of an international firm with the ability to capitalize on cross-border opportunities in Europe and Asia.” In addition to brokerage and tenant representation services, Studley provides project management, corporate services and strategic portfolio solutions. Founded in 1954, the company currently has 25 offices nationwide. Savills, established in 1855, operates and maintains offices in North America, South America, Europe, Asia and Africa. Traded on the London Stock Exchange under …

BALTIMORE — KBS Realty Advisors has acquired the Thames Street Wharf office building in Baltimore for $89 million. The trophy-quality waterfront office property is located at 1300 Thames St. KBS acquired the 260,651-square-foot building from Thames Street Wharf LLC, an entity controlled by Michael Beatty, president of Beatty Development Group LLC. Beatty Development Group will serve as the manager of the LEED Gold-certified building. Bo Cashman and Jonathan Beard of CBRE represented the seller in the transaction. “We chose to add Baltimore to our portfolio because the city is in the forefront for the investment community and has the resources to continue its growth as a valuable center for investment,” says Marc DeLuca, president of the KBS Eastern Region. “Thames Street Wharf is a legacy asset and one of the highest-quality office buildings in Baltimore. Along with its location in a strong submarket with tremendous upside, its status as a LEED Gold building further separates it from others and enhances its appeal to tenants seeking efficiency and conservation advantages,” adds DeLuca. Built in 2010, the Thames Street Wharf building was the first building delivered at the 27-acre Harbor Point mixed-use development. The property has floor-to-ceiling glass with scenic harbor views …