Jul
27
Workspace Property Trust Buys Office, Flex Portfolio for $969M
ByWPT teamed up with Safanad to acquire 108 properties from Liberty Property Trust.
Thomas Rizk of Rizk Ventures
Philadelphia—For the second time in less than a year,Workspace Property Trust has made a major deal withLiberty Property Trust, acquiring 108 office and flex buildings in four states for approximately $969 million, in a strategic relationship with global investment firmSafanad.
Once the deal closes in the third quarter, WPT’s total portfolio will total approximately 9.9 million square feet across 149 properties in five markets. This latest deal follows the December 2015 deal in which WPT acquired 41 properties in Horsham, Pa., from Liberty as its first transaction as a CRE firm. WPT is a privately held, vertically integrated company specializing in the development, management and operation of office and flex space in the Northeast, set up as a partnership among Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. It is run by industry veterans Thomas Rizk and Roger Thomas…
Workspace Property Trust Buys Office, Flex Portfolio for $969M
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