Workspace Property Trust Acquires 2.37 Million Square Foot Corporate Complex In Horsham, Pennsylvania
12/07/2015
According to Workspace Property Trust officials, this acquisition represents the beginning of a strategic plan to build a portfolio of high quality, well-positioned suburban real estate assets in the Northeast region.
Strategically located directly off the Pennsylvania Turnpike, 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.
"We believe there is a significant opportunity to acquire high quality assets and portfolios in transit centric, amenity rich, near-city submarkets within the Northeast corridor, and I don't believe you could find a stronger management team to execute this vision," said Roger Thomas, President/COO of WPT. "Between Tom, Howard and myself, we have over 75 years of experience operating in these markets and have assembled a veteran management team on the ground in Horsham who have been with these properties for many, many years. It was a pleasure working with Liberty to execute this transaction, they are truly a first rate operator and have done a great job with this portfolio."
Thomas Rizk, CEO of WPT, commented, "We are thrilled to complete this transaction and begin building a substantial platform of suburban office real estate assets. There are some interesting parallels between the current market environment and when I originally deployed a similar strategy after taking Cali Realty public in 1994. We intend to use our deep relationships and strong market knowledge to aggressively pursue both marketed and non-marketed transactions as we grow this exciting franchise."
WPT management 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. Russell Platt, CEO of Forum Partners, noted, "Tom and I have a 20-year relationship dating back to his Cali and later Mack-Cali days, and as Forum continues expanding its focus to the U.S., this was a natural fit from a relationship as well as a strategic standpoint."
Project Announcements
Daisy Brand Plans Boone, Iowa, Production Operations
04/22/2024
Canfor Expands Fulton, Alabama, Production Operations
04/22/2024
Tucker Door & Trim Plans Henrico County, Virginia, Operations
04/19/2024
Zekelman Industries Expands Blytheville, Arkansas, Operations
04/19/2024
Fibrebond Corporation Expands Webster Parish, Louisiana, Operations
04/19/2024
Master Steel Expands Hardeeville, South Carolina, Operations
04/19/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024