Workspace Property Trust to Acquire 108 Office and Flex Properties from Liberty Property Trust for Nearly $1B
HORSHAM, PA. — Horsham-based Workspace Property Trust (WPT), in partnership with global investment firm Safanad, has agreed to buy 108 office and flex buildings from Liberty Property Trust (NYSE: LPT) for approximately $969 million.
The acquired properties — located in Arizona, Florida, Minnesota and Pennsylvania — total roughly 7.6 million square feet. The sale is expected to close before the fourth quarter of this year.
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.
The balance of the portfolio is largely located in Florida, with 34 buildings to be acquired in the Tampa market and 11 properties to be acquired in Southern Florida.
At the closing of the transaction, WPT’s total portfolio will be composed of approximately 9.9 million square feet of leasable space across 149 properties in five markets.
Workspace Property Trust specializes in the development, management and operation of office and flex space. The company is a partnership between Rizk Ventures, Forum Partners, JMP Group, EverWatch Capital and, with the closing of this transaction, Safanad.
Liberty Property Trust is an $8.2 billion real estate investment trust, which owns industrial and office space throughout the United States and United Kingdom. The company’s stock price closed at $41.23 per share on Monday, July 25, up from $33.63 one year ago.
— Katie Sloan