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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported):&nbsp;October 3, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Griffin Capital Essential Asset REIT, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission
File Number:&nbsp;000-54377 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>MD</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>26-3335705</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2121 Rosecrans Avenue, Suite 3321 El Segundo, CA 90245 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3104696100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </B></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;7, 2013, Griffin Capital Corporation, the
sponsor of Griffin Capital Essential Asset REIT, Inc. (the &#147;Registrant&#148;), issued a press release disclosing the acquisition of the Verizon property (described below in Item&nbsp;8.01). A copy of the press release is filed as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item&nbsp;7.01 disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the
rules and regulations of the Securities and Exchange Commission, the information in this Item&nbsp;7.01 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be
&#147;filed&#148; under the Securities Exchange Act of 1934. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Acquisition of Verizon Property </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;3, 2013, the Registrant acquired a six level office facility consisting of approximately 210,500 rentable square feet located
in Warren, New Jersey (the &#147;Verizon property&#148;). The Verizon property is leased (the &#147;Verizon lease&#148;) entirely to Cellco Partnership d/b/a Verizon Wireless (&#147;Verizon Wireless&#148;). The purchase price for the Verizon
property was $40.0 million, plus closing costs. The purchase price was partially funded with the Facility Draw (as described below). The remaining purchase price and acquisition fees and expenses earned by and paid to the Registrant&#146;s advisor
were funded with proceeds from the Registrant&#146;s public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant&#146;s advisor earned and was paid approximately
$1,000,000 in acquisition fees, plus reimbursement of approximately $200,000 in acquisition expenses in connection with the acquisition of the Verizon property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Verizon Wireless, the tenant of the Verizon property, is a joint venture between Verizon Communication and Vodafone Group and is the
nation&#146;s leading provider of wireless communications in terms of subscribers, network coverage, revenues and operating income. Verizon Wireless&#146; business lines include Verizon Business, which delivers innovative and seamless business
solutions to customers around the world and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Verizon lease is a full service gross lease with a remaining term of over seven years upon the Registrant&#146;s acquisition, expiring in
December 2020. The current approximate annual base rent is $5,579,000. Under the Verizon lease, Verizon Wireless has the right to renew the Verizon lease for two five-year extension terms at 95% of the then-prevailing market rental rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The implied initial capitalization rate for the Verizon property is approximately 8.78%. The estimated going-in capitalization rate is
determined by dividing the projected net operating income for the first fiscal year the Registrant owns the property by the acquisition price (exclusive of closing and offering costs). The net operating income is calculated by totaling the sum of
all the revenues from the tenants including base rental revenue and expense reimbursement revenue then deducting the total of all the property expenses including utilities, insurance, real estate taxes, repairs and maintenance and all property
operating expenses. The projected net operating income includes assumptions that may not be indicative of the actual future performance of a property, including the assumption that the tenants will perform its obligations under its lease agreements
during the next 12 months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Griffin Capital Essential Asset REIT Property Management, LLC will be responsible for managing the Verizon
property and will be paid management fees in an amount of 3% of the gross monthly revenues collected from the Verizon property. Griffin Capital Essential Asset REIT Property </P>

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Management, LLC has hired an unaffiliated third party to manage the day-to-day operations and will pay such third party a portion of the management fees paid by the Registrant, unless such
management fee can be recovered from the tenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The acquisition of the Verizon property brings the Registrant&#146;s total portfolio to
22 office and industrial distribution properties in 12 states totaling approximately 4.7&nbsp;million rentable square feet and aggregate purchase price of approximately $608.7 million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Draw on KeyBank Credit Facility </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with the acquisition of the Verizon property, the Registrant&#146;s operating partnership, Griffin Capital Essential Asset Operating Partnership, L.P. (the &#147;Operating Partnership&#148;), made a draw of $24.0 million (the
&#147;Facility Draw&#148;), under the $400.0 million credit facility with KeyBank National Association (&#147;KeyBank&#148;) and other syndication partners under which $215.0 million has been committed (the &#147;KeyBank Credit Facility&#148;). The
Facility Draw will bear interest at a rate of approximately 2.44%. The total amount drawn pursuant to the KeyBank Credit Facility is now approximately $195.7 million. Pursuant to a joinder agreement by a special purpose entity wholly-owned by the
Operating Partnership (the &#147;Property SPE&#148;), in favor of KeyBank as administrative agent, the Verizon property now serves as additional collateral under the KeyBank Credit Facility, which security is evidenced by a mortgage on the Verizon
property, and the Property SPE now serves as an additional borrower. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibit. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Griffin Capital Essential Asset REIT, Inc. Press Release dated October&nbsp;7, 2013</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Signature(s) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><B>Griffin Capital Essential Asset REIT, Inc.</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: October&nbsp;7, 2013</P></TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph E. Miller</P></TD></TR>
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<TD VALIGN="top">Joseph E. Miller</TD></TR>
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<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 3, 2013
Griffin Capital Essential Asset REIT, Inc.
(Exact name of registrant as specified in its charter)
Commission
File Number: 000-54377
MD
26-3335705
(State or other jurisdiction
of incorporation)
(IRS Employer
Identification No.)
2121 Rosecrans Avenue, Suite 3321 El Segundo, CA 90245
(Address of principal executive offices, including zip code)
3104696100
(Registrant's telephone number, including area code)
None
(Former name or
former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01
Regulation FD Disclosure
On October 7, 2013, Griffin Capital Corporation, the
sponsor of Griffin Capital Essential Asset REIT, Inc. (the "Registrant"), issued a press release disclosing the acquisition of the Verizon property (described below in Item 8.01). A copy of the press release is filed as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure.
Pursuant to the
rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be
"filed" under the Securities Exchange Act of 1934.
Item 8.01
Other Events
Acquisition of Verizon Property
On October 3, 2013, the Registrant acquired a six level office facility consisting of approximately 210,500 rentable square feet located
in Warren, New Jersey (the "Verizon property"). The Verizon property is leased (the "Verizon lease") entirely to Cellco Partnership d/b/a Verizon Wireless ("Verizon Wireless"). The purchase price for the Verizon
property was $40.0 million, plus closing costs. The purchase price was partially funded with the Facility Draw (as described below). The remaining purchase price and acquisition fees and expenses earned by and paid to the Registrant's advisor
were funded with proceeds from the Registrant's public offering.
The Registrant's advisor earned and was paid approximately
$1,000,000 in acquisition fees, plus reimbursement of approximately $200,000 in acquisition expenses in connection with the acquisition of the Verizon property.
Verizon Wireless, the tenant of the Verizon property, is a joint venture between Verizon Communication and Vodafone Group and is the
nation's leading provider of wireless communications in terms of subscribers, network coverage, revenues and operating income. Verizon Wireless' business lines include Verizon Business, which delivers innovative and seamless business
solutions to customers around the world and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services.
The Verizon lease is a full service gross lease with a remaining term of over seven years upon the Registrant's acquisition, expiring in
December 2020. The current approximate annual base rent is $5,579,000. Under the Verizon lease, Verizon Wireless has the right to renew the Verizon lease for two five-year extension terms at 95% of the then-prevailing market rental rate.
The implied initial capitalization rate for the Verizon property is approximately 8.78%. The estimated going-in capitalization rate is
determined by dividing the projected net operating income for the first fiscal year the Registrant owns the property by the acquisition price (exclusive of closing and offering costs). The net operating income is calculated by totaling the sum of
all the revenues from the tenants including base rental revenue and expense reimbursement revenue then deducting the total of all the property expenses including utilities, insurance, real estate taxes, repairs and maintenance and all property
operating expenses. The projected net operating income includes assumptions that may not be indicative of the actual future performance of a property, including the assumption that the tenants will perform its obligations under its lease agreements
during the next 12 months.
Griffin Capital Essential Asset REIT Property Management, LLC will be responsible for managing the Verizon
property and will be paid management fees in an amount of 3% of the gross monthly revenues collected from the Verizon property. Griffin Capital Essential Asset REIT Property
Management, LLC has hired an unaffiliated third party to manage the day-to-day operations and will pay such third party a portion of the management fees paid by the Registrant, unless such
management fee can be recovered from the tenant.
The acquisition of the Verizon property brings the Registrant's total portfolio to
22 office and industrial distribution properties in 12 states totaling approximately 4.7 million rentable square feet and aggregate purchase price of approximately $608.7 million.
Draw on KeyBank Credit Facility
In
connection with the acquisition of the Verizon property, the Registrant's operating partnership, Griffin Capital Essential Asset Operating Partnership, L.P. (the "Operating Partnership"), made a draw of $24.0 million (the
"Facility Draw"), under the $400.0 million credit facility with KeyBank National Association ("KeyBank") and other syndication partners under which $215.0 million has been committed (the "KeyBank Credit Facility"). The
Facility Draw will bear interest at a rate of approximately 2.44%. The total amount drawn pursuant to the KeyBank Credit Facility is now approximately $195.7 million. Pursuant to a joinder agreement by a special purpose entity wholly-owned by the
Operating Partnership (the "Property SPE"), in favor of KeyBank as administrative agent, the Verizon property now serves as additional collateral under the KeyBank Credit Facility, which security is evidenced by a mortgage on the Verizon
property, and the Property SPE now serves as an additional borrower.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibit.
99.1
Griffin Capital Essential Asset REIT, Inc. Press Release dated October 7, 2013
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Griffin Capital Essential Asset REIT, Inc.
Date: October 7, 2013
By:
/s/ Joseph E. Miller
Joseph E. Miller
Chief Financial Officer