BOCA RATON, FLA. AND EL SEGUNDO, CALIF. — A consortium of investors led by South Florida-based Workspace Property Trust has purchased a majority interest in a national portfolio of suburban buildings for approximately $1.1 billion. The seller was Griffin Realty Trust, a nontraded REIT based in El Segundo, Calif., that will retain a minority stake in the portfolio. The percentage of the stake was not disclosed. The portfolio comprises 41 individual properties across eight states that house 53 buildings, the majority of which are single-tenant, net-leased properties. The assets span roughly 8 million square feet of leasable space. In discussing the decision to invest in suburban office properties, Roger Thomas, co-founder and COO of Workspace Property Trust, cited the demographic migratory patterns that emerged in recent years that favor suburban markets. “We know that in the last five years, millions of Americans have moved from the cities to the suburbs, and nearly one-third of all Americans today are considering moving away from cities,” says Thomas. “This important demographic shift is led by millennials, the largest workforce cohort in history, who appreciate the benefits of the suburbs and suburban offices.” Thomas identified several attributes — shorter commutes, lower crime, less need …
