Griffin Capital Essential Asset REIT II Acquires Zebra Technologies’ Corporate Headquarters in Lincolnshire, Illinois
August 04, 2016

Griffin Capital Essential Asset REIT II Acquires Zebra Technologies’ Corporate Headquarters in Lincolnshire, Illinois

El Segundo, Calif. (August 4, 2016) - Griffin Capital Corporation ("Griffin Capital") announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the "REIT"), the acquisition of a five-story, Class A office building totaling approximately 283,000 square feet fully occupied by Zebra Technologies Corporation (NASDAQ: ZBRA) ("Zebra"), pursuant to a long-term triple-net lease expiring November 2026 (the "Property"). Originally constructed in 1991, the Property underwent a complete renovation in 2015 in order to transform the building into a world-class headquarters for Zebra. Renovations included the addition of a customer solutions center to provide a hands-on showroom for Zebra's products, a redesigned and upgraded full-service cafeteria, new electronic laboratory spaces for testing and development, and new, redesigned modern office areas with collaboration spaces and various break-out seating areas. The REIT purchased the Property for $60.1 million from The Northwestern Mutual Life Insurance Company (the "Seller"). The Seller was represented by James Postweiler, Peter Harwood, Brian Shanfeld and Dan Fernitz of the Chicago office of JLL.

Commenting on the acquisition, Shawn Carstens, Griffin Capital's Vice President of Acquisitions, said, "In creating this headquarters building, Zebra consolidated personnel from two other locations and made a major capital investment in the property. The improvements, coupled with attractive increases in the rental stream, and the capacity to accommodate future expansion of Zebra's business contributed to making this an excellent investment for the REIT."

Don Pescara, Griffin Capital's Managing Director of Acquisitions, added, "We are pleased to buy Zebra's Corporate Headquarters as it meets our criteria of investing in institutional-quality, income-generating properties leased on a long-term basis to established corporate tenants."

Zebra is a publicly-traded global leader in enterprise asset intelligence, designing and marketing specialty printers, mobile computing, data capture, radio frequency identification products and real-time locating systems. Founded in 1969, Zebra employs in excess of 7,000 people throughout 120 facilities worldwide. For the year ended December 31, 2015, Zebra reported $3.65 billion in revenue and $111 million in operating cash flow. Zebra has $5.0 billion in total assets, a market capitalization of $2.6 billion and maintains credit-ratings of BB- from Standard and Poor's and Ba3 from Moody's.

About Griffin Capital Essential Asset REIT II and Griffin Capital Corporation   
Griffin Capital Essential Asset REIT II, Inc. is a publicly registered non-traded REIT with a portfolio that currently includes 26 office and industrial buildings totaling approximately 4.1 million rentable square feet and asset value of approximately $665 million. The REIT's sponsor is Griffin Capital, a privately-held, Los Angeles headquartered investment and asset management company with a 21-year track record sponsoring real estate investment vehicles and managing institutional capital. Led by senior executives with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 56 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 38 million square feet of space, located in 30 states and the United Kingdom, representing approximately $6.8 billion* in asset value, based on purchase price. Additional information about Griffin Capital is available at www.griffincapital.com.  

*Includes the property information related to interests held in certain joint ventures.

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the REIT's prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.

News & Updates

Media Contact

Jennifer Nahas

Vice President, Marketing
Griffin Capital Company, LLC

Office Phone: 949-270-9332 Cell Phone: 949-433-6860
close

Please Accept

The Griffin Capital Essential Asset REIT, Inc. website is available for use subject to its Terms and Conditions and our Privacy Policy. Please click on the highlighted terms to review these. To review a summary of the risk factors related to an investment in the Griffin Capital Essential Asset REIT, Inc. program  click here.

This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital.

close

Please Accept

The Griffin Capital Essential Asset REIT, Inc. website is available for use subject to its Terms and Conditions and our Privacy Policy. Please click on the highlighted terms to review these. To review a summary of the risk factors related to an investment in the Griffin Capital Essential Asset REIT, Inc. program  click here.

This material must be read in conjunction with the applicable prospectus in order to understand all the implications and risks of any offering of securities to which the material relates. If you have not previously reviewed a prospectus, click here. Otherwise, to proceed, agree to the Terms and Conditions and Privacy Policy of this website.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. NO OFFERING IS MADE TO NEW YORK RESIDENTS EXCEPT BY A PROSPECTUS FILED WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC. INVOLVES A HIGH DEGREE OF RISK AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THIS PROGRAM WILL BE ATTAINED. 

Risk Factors: An investment in Griffin Capital Essential Asset REIT, Inc. involves a high degree of risk and there can be no assurance that the investment objectives of this program will be attained. Some of the risks associated with this offering include the following: this is a “best efforts” offering and some or all of our shares may not be sold; no public market currently exists for our shares; it may be difficult to sell your shares, and if you do, it will likely be at a substantial discount; the purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock; we may use substantial debt to acquire our properties; we may fail to continue to qualify as a REIT; our share redemption program is subject to available liquidity and other significant restrictions and we may amend, suspend or terminate the share redemption program at any time; a portion of the offering proceeds may be used to redeem or repurchase our shares; and future distribution declarations are at the sole discretion of the board of directors and are not guaranteed. We may fund a portion of our distributions from offering proceeds or from borrowings in anticipation of future cash flows, some or all of which may be a return of capital.