Workspace Property Trust, a real estate investment firm led by longtime successful industry veterans Thomas Rizk and Roger Thomas, in a strategic relationship with Safanad, a global principal investment firm, announced today that it has entered into an agreement to buy 108 office and flex buildings in five markets from Liberty Property Trust (NYSE: LPT) for approximately $969 million. The sale is expected to close late in the third quarter of 2016.
At the closing of this transaction, WPT's total portfolio will be comprised of approximately 9.9 million square-feet of leasable space across 149 properties in five markets. The portfolio boasts strong, consistent overall occupancy and financial performance.
Thomas Rizk, Chief Executive Officer and a founding principal of WPT, commented, "We are excited about entering into this new relationship with Safanad and this acquisition represents the next step of our strategic plan to build a portfolio of high quality, well-positioned suburban real estate assets."
Kamal Bahamdan, Chief Executive Officer and Founder of Safanad commented, "At Safanad, we align ourselves with experienced industry partners through carefully selected investments. We are looking forward to working with Tom, Roger and the rest of the Workspace team who have extensive experience and a distinguished track record of creating value in suburban office markets. We have worked with and known them for over 20 years and this experience gives us great confidence in the future of this platform."
About Workspace Property Trust
Workspace Property Trust is a privately held, vertically integrated, full service commercial real estate company specializing in the development, management, and operation of office and flex space. Workspace Property Trust is a partnership between Rizk Ventures, Forum Partners, JMP Group, EverWatch Capital, and with the closing of this transaction, Safanad.
About Safanad
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. As principal investors, Safanad preserves and grows wealth through a disciplined industry focused investment approach that builds relationships with exceptional management partners and top industry leaders. With offices in New York, Dubai, and London, the firm seeks to identify global investment opportunities poised to deliver consistently attractive returns, where the firm's capital and investment expertise support value creation. For more information, visit www.safanad.com
