Griffin Capital

Griffin Capital Essential Asset REIT II Acquires Aetna Property in Tucson, Arizona

EL SEGUNDO, Calif., Aug. 3, 2015 (GLOBE NEWSWIRE) -- Griffin Capital Corporation ("Griffin Capital") announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the "REIT"), the acquisition of the 100,273 square-foot, Aetna Life Insurance Company ("Tenant") leased facility in Tucson, Arizona ("Property") from a subsidiary of Aetna, Inc. ("Aetna" or "Parent") (NYSE:AET) through a sale-leaseback transaction. The Property is 100% leased to Aetna Life Insurance Company, which has an investment-grade credit rating of 'AA-' from S&P and is an affiliate of one of the nation's leading diversified health care benefits companies. As part of the sale-leaseback transaction, the Tenant executed a new 10-year lease at the Property with annual base rental rate increases of 3.0% and no termination or contraction options. The Tenant and its affiliates have been an occupant at the Property since it was constructed as a build-to-suit in 2001.

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