Workspace Property Trust acquires office portfolio for $245 million in Pennsylvania
Workspace Property Trust, a new real estate investment firm led by longtime successful industry veterans Thomas Rizk, Roger Thomas and Howard Sipzner, announced that it has purchased 41 office and flex buildings in Horsham, Pennsylvania from Liberty Property Trust for approximately $245.3 million.
This acquisition is the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high quality, well-positioned suburban real estate assets in the Northeast region.
WPT management has partnered with Rizk Ventures, Forum Partners, JMP Group, and EverWatch Capital in this transaction. The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank, National Association and arranged by the HFF team of Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley.
Strategically located directly off the Pennsylvania Turnpike within the prestigious corporate community of Horsham, PA, this portfolio is comprised of 2,374,749 square-feet across 41 buildings. While the portfolio is diverse across property type and tenant mix, the most heavily concentrated property type within the portfolio is 860,000-square-feet of Class A, multi-story office. The portfolio boasts strong, consistent overall occupancy and financial performance. Tenants are drawn by the area’s proximity to major thoroughfares, which provide convenient access to Philadelphia and New York City.
Web Site : http://www.workspaceproperty.com/