Griffin Capital Net Lease REIT Inc., a publicly-registered, non-traded real estate investment trust (REIT) sponsored by Los Angeles-based Griffin Capital Corp., has changed its name to Griffin Capital Essential Asset REIT Inc.
According to the company, the name change is designed to more accurately reflect the REIT's strategy of acquiring properties essential to the tenant's ongoing business operations.
‘We believe we have been categorized as simply a 'net lease' REIT and erroneously grouped with other net-lease-focused, non-traded REITs, including REITs focused on non-essential and therefore fungible retail properties,’ says David Rupert, president of Griffin Capital Essential Asset REIT. ‘A net lease is a term of art that defines a lease structure, whereas 'essential assets' more clearly and specifically defines what we buy in the REIT and what our management has been buying since 1996.’
Key elements of the Essential Asset REIT's strategic focus include 100% leased office, industrial and manufacturing properties, along with the assets that are essential to the ongoing business operations of the tenant.