In two deals spread over less than a year, Workspace Property Trust has set up shop in Horsham and amassed a $1 billion portfolio of offices in suburbs across America.
Both transactions were negotiated and bought from Liberty Property Trust, which is shifting its focus away from the suburbs to urban and former industrial sites.
The first closed in December 2015 at $245 million for 41 offices and flex buildings in Horsham.
The second just closed this week at $969 million for 108 buildings and land across Greater Philadelphia, Minneapolis, Tampa, Phoenix, and South Florida, according to a Philadelphia Business Journal report by Natalie Kostelni.
“Buying $1 billion worth of real estate isn’t always easy,” Workspace President Roger Thomas said. “It got done by sheer will power.”
And a little help from investment firms Safanad and Square Mile Capital Management.
“We’re believers in select suburban office markets,” Thomas said. “What we bought are all in good, vibrant, healthy markets. As with Horsham, these are well maintained and managed assets.”
And the acquisition is just the start. Workspace is already planning millions in upgrades to optimize its 10 million square feet of “high-quality assets and portfolios in transit-centric, amenity-rich, near-city submarkets within the Northeast corridor.”
Read more about Workspace’s billion-dollar portfolio in the Philadelphia Business Journal here.