Horsham-based Workspace files new IPO plan
Workspace Property Trust (WSPT) intends to sell $100 million – a placeholder figure for an IPO that will likely reach $500 million or more – of common shares and ‘Series A mandatory convertible preferred’ shares in a concurrent public offering from a U.S. IPO, according to an S-11 registration statement.
The firm is a full-service commercial real estate company that owns and operates office and office-flex properties in the United States. Workspace specializes in development, management, and operation of office space in large metropolitan suburbs, writes Donovan Jones for seekingalpha.com.
WSPT is offering investors a sweetened set of options for investing in its ambitious growth plans.
When we learn the details of the latest offering proposal, I’ll provide a final opinion on my Seeking Alpha Marketplace research service, IPO Edge.
Workspace Property Trust is a privately held company founded in 2015 to provide office and office-flex space (flex space refers to buildings designed for a number of uses) in the U.S.
The company focuses on office investments that are connected to transportation hubs or nearby cities and offer urban amenities and comforts of suburban areas.
Management is headed by co-founder and CEO Thomas Rizk and co-founder, President, and COO Roger Thomas. Rizk has 30 years of experience building private and public companies and is the former co-founder, chairman and CEO of TractManager. Thomas also has over 30 years of experience in real estate and served from 1994 to 2014 as Executive Vice President, General Counsel, and Secretary at Mack-Cali Realty Corporation.
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