Workspace Property Trust, a Horsham, Pa., owner of suburban office properties here and elsewhere, has filed to go public as a real estate investment trust, writes Natalie Kostelni for Philadelphia Business Journal. 

The company did not list in Securities and Exchange Commission documents how many shares it expects to sell or at what price. However, Workspace did indicate how it would use some of the proceeds it reaps from an initial public offering. It intends to pay off some debt including $63.9 million to buy out investors and use any other remaining funds for general corporate purposes, according to the filing.

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Workspace owns 148 office and flex properties totaling 9.9 million square feet in Philadelphia’s western and northern suburbs, as well as several other markets, South Florida, Tampa Fla., Minneapolis and Phoenix. It accumulated its portfolio in two large transactions with Liberty Property Trust, which was selling off its non-core assets to focus on industrial properties and urban areas. Workspace’s presence in Philadelphia is significant. It owns 70 properties totaling 4.4 million square feet between Horsham and Malvern, Pa.

Workspace contends, based on Census data, that the prime city-dwelling population, which is those aged between 25 and 29, will begin to decrease in 2020 while the prime suburb-dwelling population, those aged between 35 and 39, which began growing in 2013, is expected to see positive, accelerating growth through much of the next decade.

To read the complete story click here.

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