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Definitive proxy statement relating to merger or acquisition

SUMMARY

This summary highlights information contained elsewhere in this joint proxy statement/prospectus and may not contain all the information that is important to you. Chambers and Gramercy urge you to read carefully the remainder of this joint proxy statement/prospectus, including the attached annexes, and the other documents to which we have referred you because this section does not provide all the information that might be important to you with respect to the Merger and the related matters being considered at the applicable meeting. See also "Where You Can Find More Information." We have included page references to direct you to a more complete description of the topics presented in this summary.

Information about the Companies

Chambers Street Properties (See page 39)

Chambers Street Properties, a Maryland real estate investment trust, is a self-administered real estate investment trust, focused on acquiring, owning and managing net leased industrial and office properties leased to creditworthy tenants. Chambers has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (which we refer to as a "REIT").

As of June 30, 2015, Chambers owned, on a consolidated basis, 100 industrial (primarily warehouse/distribution) and office properties located in 18 U.S. states (Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia) and in the United Kingdom, encompassing approximately 24.9 million rentable square feet. Chambers' consolidated properties were approximately 98.9% leased (based upon rentable square feet) as of June 30, 2015. As of June 30, 2015, 76 of its consolidated properties were net leased to single tenants, which encompassed approximately 20.2 million rentable square feet.

Chambers had ownership interests in four unconsolidated entities that, as of June 30, 2015, owned interests in 27 properties. Excluding those properties owned through Chambers' investment in CB Richard Ellis Strategic Partners Asia II-A, L.P. (which we refer to as "CBRE Strategic Partners Asia"), Chambers owned, on an unconsolidated basis, 25 industrial (primarily warehouse/distribution) and office properties located in seven U.S. states (Arizona, Florida, Illinois, Indiana, Ohio, Tennessee and Texas) and three countries in Europe (France, Germany and the United Kingdom), encompassing approximately 12.3 million rentable square feet. Chambers' unconsolidated properties were approximately 99.9% leased (based upon rentable square feet) as of June 30, 2015. As of June 30, 2015, 20 of Chambers' unconsolidated properties were net leased to single tenants, which encompassed approximately 11.5 million rentable square feet.

Chambers operates in an umbrella partnership REIT structure in which its operating partnership, CSP Operating Partnership, LP (which we refer to as "CSP OP"), indirectly owns substantially all of the properties acquired on behalf of Chambers. CSP OP was formed in Delaware on March 30, 2004, and Chambers is the 100% direct and indirect owner and sole general partner of CSP OP. For each Chambers common share that Chambers issues, a limited partnership unit of CSP OP is issued to Chambers in exchange for the cash proceeds from the issuance of the Chambers common share. As of June 30, 2015, Chambers owned 100% of the limited partnership units of CSP OP directly or indirectly through a wholly-owned taxable REIT subsidiary (which we refer to as a "TRS"). However, in connection with the Merger such subsidiary will cease to be a TRS and will become disregarded as an entity separate from Chambers for U.S. federal income tax purposes.

The principal offices of Chambers are located at 47 Hulfish Street, Suite 210, Princeton, New Jersey 08542 and its telephone number is (609) 683-4900. Chambers common shares are listed on the NYSE, trading under the symbol "CSG."

Additional information about Chambers and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus and "Where You Can Find More Information."

Gramercy Property Trust Inc. (See page 40)

Gramercy Property Trust Inc., a Maryland corporation organized as a REIT, is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net leased industrial and office properties. Gramercy focuses on income-producing properties leased to high-quality tenants in major markets in the United States and Europe. Gramercy has elected to be taxed as a REIT.

Gramercy earns revenues primarily through three sources. Gramercy earns rental revenues on properties that it owns directly in the United States, asset management revenues on properties owned by third parties in both the United States and Europe and pro-rata rental revenues on its investment in the Gramercy European Property Fund.

As of June 30, 2015, Gramercy directly owned a portfolio that consisted of 171 industrial, office and specialty properties totaling approximately 20.2 million square feet located across the United States. Tenants included Bank of America, N.A, Healthy Way of Life II, LLC (d/b/a Life Time Fitness), Nokia Networks, Kar Auction Services, CEVA Freight, LLC, and others. Occupancy of the portfolio was approximately 99.6% as of June 30, 2015. Gramercy also owns a 25% interest in a 199,900 square foot office building located in Somerset, New Jersey, which is 100% net leased to Philips Holdings, USA Inc., a wholly-owned subsidiary of Royal Philips Electronics, through December 2021 and, through its interest in the Gramercy European Property Fund, Gramercy owns a 19.8% interest in a 430,000 square foot warehouse located in Neuwied, Germany, which is 100% leased to a leading German wholesaler of tires, wheels and rims. In addition to its portfolio owned directly or through joint ventures, Gramercy also manages for third parties real estate assets located throughout the United States and Europe having an aggregate value of approximately $800.0 million (based on asset value).

Gramercy conducts substantially all of its operations through its operating partnership, GPT Property Trust LP (which we refer to as "GPT OP"). Gramercy is the sole general partner of GPT OP. GPT OP conducts Gramercy's commercial real estate investment business through various wholly-owned entities and Gramercy's third-party asset management business primarily through a wholly-owned TRS.

The principal offices of Gramercy are located at 521 Fifth Avenue, 30th Floor, New York, New York 10175 and its telephone number is (212) 297-1000. Gramercy common stock is listed on the NYSE, trading under the symbol "GPT."

Additional information about Gramercy and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus. See "Where You Can Find More Information."

The Combined Company (See page 40)

The combined company will be renamed "Gramercy Property Trust" and will be a Maryland real estate investment trust that is a self-administered and self-managed REIT. The combined company is expected to be one of the largest industrial and office net lease REITs, with a combined enterprise value of approximately $5.7 billion as of July 1, 2015. The combined company would, on a pro forma basis as of June 30, 2015, own approximately 288 properties comprising 52 million square feet of industrial or office facilities located in major markets throughout the U.S. and Europe.

References to the "combined company" in this document are to Chambers after the effective time of the Merger, which will be renamed as "Gramercy Property Trust." The following chart shows the anticipated post-closing group structure:

The remaining 0.2% interest in CSP Operating Partnership, LP is held by CSP Limited Partner, LLC, a wholly-owned subsidiary of Chambers Street Properties.

The remaining interest in GPT Property Trust LP is held by third-party unitholders.

Alternatively, prior to closing, the parties may agree to transfer Merger Sub within Chambers' corporate structure, including without limitation, making it a direct subsidiary of Chambers. The

following chart shows the post-closing group structure with Merger Sub as a direct subsidiary of Chambers:

The remaining interest in GPT Property Trust LP is held by third-party unitholders.

The remaining 0.2% interest in CSP Operating Partnership, LP will be held by CSP Limited Partner, LLC, a wholly-owned subsidiary of GPT Property Trust LP.

The business of the combined company will be operated through its operating partnerships, CSP OP and GPT OP. On a pro forma basis after giving effect to the Merger, the combined company will directly and indirectly own all of the general partnership interests of CSP OP and GPT OP, and will have discretion in the day-to-day management and control of the operating partnerships. The limited partnership units in GPT OP held by current third-party unitholders will remain outstanding, except that, following the effective time of the Merger, such units will be exchangeable for cash or shares of the combined company, at the election of the combined company. Following the consummation of the Merger, each holder of limited partnership units of GPT OP will have the right to elect to receive, for each partnership unit it holds, an amount of cash, securities or other property equal or substantially equivalent in value to 3.1898 Chambers common shares. In addition, each holder of partnership units of GPT OP will continue to have a redemption right which permits them to require GPT OP to redeem their partnership units in exchange for cash (or common shares of the combined company, at the election of the combined company) as is more specifically detailed in the agreement of limited partnership of GPT OP.

The corporate headquarters of the combined company will be located at 521 Fifth Avenue, 30 th Floor, New York, New York 10175 and its telephone number is (212) 297-1000.

The common shares of beneficial interest of the combined company are expected to be listed on the NYSE and to trade under the symbol "GPT."

Risk Factors (See page 27)

Before voting at the Chambers annual meeting or the Gramercy special meeting, you should carefully consider all of the information contained in, or as incorporated by reference into, this joint proxy statement/prospectus, including the specific factors under the heading "Risk Factors."

The Merger

The Merger Agreement (See page 96)

Chambers and Gramercy have entered into the merger agreement attached as Annex A to this joint proxy statement/prospectus. The Chambers Board and the Gramercy Board have both unanimously approved the combination of Chambers and Gramercy in what the parties intend to be a "merger of equals." Chambers and Gramercy encourage you to read the entire merger agreement carefully because it is the principal legal document governing the Merger.

Form of the Merger (See page 97)

Pursuant to the merger agreement, Gramercy will merge with and into Merger Sub, a wholly-owned direct or indirect subsidiary of Chambers, with Merger Sub surviving.

Upon completion of the Merger, Chambers will change its name to Gramercy Property Trust and the common shares of the combined company are expected to be listed on the NYSE and to trade under the symbol "GPT."

We expect that the former shareholders of Chambers and the former common stockholders of Gramercy will own approximately 56% and 44%, respectively, of the outstanding common shares of beneficial interest of the combined company.

Merger Consideration (See page 94)

Upon completion of the Merger, each share of Gramercy common stock will be converted into a right to receive 3.1898 newly issued Chambers common shares at the effective time of the Merger, with cash paid in lieu of fractional shares. This exchange ratio is fixed and while it will be adjusted in the event of any stock split, reverse stock split, stock dividend (including any dividend or other distribution of securities convertible into common stock or common shares), reorganization, recapitalization, reclassification, combination, exchange of shares or other similar transactions involving Chambers or Gramercy, the exchange ratio will not be adjusted to reflect changes in the market price of either Chambers common shares or Gramercy common stock prior to the closing. Because of this, the implied value of the consideration for each share of Gramercy common stock will fluctuate between now and the completion of the Merger. Based on the closing price of Chambers common shares on the NYSE of $7.65 on June 9, 2015, the last trading day before published reports regarding a potential transaction involving Chambers, the exchange ratio represented approximately $24.4020 in Chambers common shares for each share of Gramercy common stock. Based on the closing price of Chambers common shares on the NYSE of $7.95 on June 30, 2015, the last trading day before public announcement of the Merger, the exchange ratio represented approximately $25.3589 in Chambers common shares for each share of Gramercy common stock. Based on the closing price of Chambers common shares on the NYSE of $7.38 on October 23, 2015, the latest practicable date before the date of this joint proxy statement/prospectus, the exchange ratio represented approximately $23.54 in Chambers common shares for each share of Gramercy common stock. See "Comparative Stock Prices and Dividends."

The following table presents trading information for Chambers common shares and Gramercy common stock on June 9, 2015, the last trading day before published reports regarding a potential transaction involving Chambers, June 30, 2015, the last trading day before public announcement of the Merger, and October 23, 2015, the latest practicable date before the date of this joint proxy statement/

prospectus. Trading information for Gramercy common stock adjusted by the exchange ratio of 3.1898 is also provided for each of these dates.

The market prices of Chambers common shares and Gramercy common stock fluctuate. As a result, we urge you to obtain current market quotations of Chambers common shares and Gramercy common stock.

Treatment of Gramercy Stock Options and Other Equity-Based Awards (See page 92)

As of the effective time of the Merger, each Gramercy restricted share and Gramercy restricted share unit award will be converted into corresponding equity awards relating to a number of Chambers common shares after giving effect to the exchange ratio. As of the effective time of the Merger, each Gramercy option will be converted into a Chambers option, with the exercise price and number of Chambers common shares determined after giving effect to the exchange ratio.

In addition, as of the effective time of the Merger, each right to receive a payment equal to the value of a share of Gramercy common stock granted to a non-employee director of Gramercy (which we refer to as a "Gramercy phantom share") and restricted share granted to a non-employee director of Gramercy (which we refer to as a "Gramercy director restricted share"), whether vested or unvested, will vest and be converted into the right to receive a number of Chambers common shares determined after giving effect to the exchange ratio.

Equity awards of Chambers will remain outstanding upon completion of the Merger as equity awards of the combined company.

Treatment of Gramercy Preferred Stock in the Merger (See page 94)

Upon completion of the Merger each outstanding share of Gramercy preferred stock will be exchanged for one newly issued Chambers preferred share, having rights, privileges, powers and preferences materially unchanged from the rights, privileges, powers and preferences of Gramercy preferred stock.

Recommendations of the Chambers Board of Trustees (See page 57)

After careful consideration, the Chambers Board, on June 30, 2015, by a unanimous vote of all trustees, determined that the Merger, the issuance of Chambers common shares and Chambers preferred shares in connection with the Merger and the other transactions contemplated by the merger agreement are advisable and in the best interests of Chambers, approved the Merger and approved and duly and validly authorized the execution and delivery of the merger agreement.

The Chambers Board unanimously recommends that Chambers shareholders vote: "FOR" the issuance of Chambers common shares in connection with the Merger.

For the factors considered by the Chambers Board in reaching its decision to approve the Merger and the recommendations of the Chambers Board, see "The MergerChambers Reasons for the Merger; Recommendations of the Chambers Board of Trustees."

Recommendation of the Gramercy Board (See page 60)

After careful consideration, on June 30, 2015, the Gramercy Board unanimously approved the merger agreement and declared the merger agreement and the transactions contemplated thereby, including the Merger, to be advisable and in the best interests of Gramercy and its stockholders.

The Gramercy Board unanimously recommends that Gramercy common stockholders vote: "FOR" the approval of the Merger and "FOR" the approval of the non-binding, advisory resolution on merger-related executive compensation.

For the factors considered by the Gramercy Board in reaching its decision to approve the merger agreement and the recommendations of the Gramercy Board, see "The MergerGramercy's Reasons for the Merger; Recommendations of the Gramercy Board."

Opinion of the Chambers Financial Advisor (See page 64)

On June 30, 2015, at the meeting of the Chambers Board at which the Merger was approved, J.P. Morgan Securities LLC (which we refer to as "J.P. Morgan"), Chambers' financial advisor in connection with the proposed Merger, rendered to the Chambers Board an oral opinion, confirmed by delivery of a written opinion, dated June 30, 2015, to the effect that, as of such date and based upon and subject to the factors, assumptions, qualifications and any limitations set forth in its written opinion, the exchange ratio in the proposed Merger was fair, from a financial point of view, to Chambers. The full text of J.P. Morgan's written opinion, dated as of June 30, 2015, is attached as Annex B to this joint proxy statement/prospectus and is incorporated herein by reference. The full text of the opinion contains a discussion of, among other things, the assumptions made, matters considered, and qualifications and any limitations on the opinion and the review undertaken by J.P. Morgan in connection with rendering its opinion. The summary of the opinion of J.P. Morgan set forth in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of such opinion. Chambers shareholders are urged to read the opinion in its entirety. J.P. Morgan's written opinion was addressed to the Chambers Board (in its capacity as such) in connection with and for the purposes of its evaluation...


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