As of December 31, 2016, Gramercy Property Trust owns, directly or in joint venture, a portfolio of 325 industrial, office and specialty buildings totaling approximately 56.2 million square feet of industrial, 7.1 million square feet of office and 1.6 million square feet of specialty retail, net leased to over 230 different tenants.
Since July 2012, the Company has assembled a portfolio of more than 65 million square feet. The Company is actively pursuing single tenant, net leased industrial assets as well as single tenant portfolios. The Company focuses on thirty key markets throughout the United States that exhibit strong long-term economic fundamentals, good infrastructure, strong demographic growth and pro-business governments. The Company looks to allocate capital to markets where it believes it can achieve the greatest relative value at any given point in the market cycle.
The Investment Team's mission is to assemble a high quality real estate portfolio that generates predictable, growing cash flows through long contractual lease duration, tenants with a high likelihood of renewal, and replicability of rents with replacement tenants. Gramercy primarily targets industrial assets with long in-place leases, but will opportunistically acquire shorter leases in high quality locations with contractual rents at or below market rents. The Company seeks to achieve a weighted average lease term of approximately 10 years across the portfolio.
In 2016, Gramercy closed $1.4 billion of new investments making it one of the most active industrial property owners in the United States.