HORSHAM, PA. — Horsham-based Workspace Property Trust has completed the its previously announced acquisition of 108 office and flex buildings, along with 26.7 acres of land, in five markets. Liberty Property Trust sold the portfolio for $969 million. The acquisition was made in partnership with Safanad, a global principal investment firm, and affiliates of Square Mile Capital Management, a diversified real estate investment firm. The portfolio includes 14 buildings and 18.1 acres in Arizona, 45 buildings and 8.6 acres in Florida, 19 properties in Minnesota and 30 facilities in Pennsylvania. FTI Consulting, Eastdil Secured and JMP Securities served as advisors to Workspace Property Trust, while J.P. Morgan Securities served as advisor to Liberty in the transaction.
Of the 30 properties to be acquired in Pennsylvania, two dozen are located within the Great Valley Corporate Center in Malvern, according to reports by The Philadelphia Business Journal. (Photo courtesy of LoopNet Inc.)
Workspace Property Trust Closes on $969M Acquisition of 108-Building Office/Flex Portfolio
69