Horsham-based Workspace Property Trust has received a $326.5 million investment from a group led by global investment firm Oak Hill Advisors, writes Jacob Adelman for The Philadelphia Inquirer.
The investment in the office and industrial landlord shows that investors are willing to bet that changes in working patterns brought on by the pandemic will help suburban real estate strengthen its market position versus the city.
“We believe Workspace is in a terrific position to expand geographically and satisfy the demand for affordable, accessible suburban office space,” said Glenn August, Founder and Chief Executive Officer of OHA.
The investment firm will partner with the Pennsylvania landlord as it considers future acquisitions and additional investments.
Workspace built its portfolio through two major purchases from Liberty Property Trust.
Its properties include the 41-building Pennsylvania Business Campus in Horsham on Gilbrator Road as well as the majority of the Great Valley Corporate Center on Valley Stream Parkway, among other assets across Pennsylvania, Arizona, Florida, and Minnesota.
“This investment comes at a critical inflection point,” said Roger Thomas, Workspace’s co-founder and president. “As we look ahead into a recovering economy, we see the tremendous runway for the business.”
Read more about Workspace Property Trust in The Philadelphia Inquirer.