{"id":1004133177,"date":"2015-12-07T07:03:26","date_gmt":"2015-12-07T15:03:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004133177"},"modified":"2022-12-09T02:35:40","modified_gmt":"2022-12-09T10:35:40","slug":"cre-firm-kicks-off-with-245m-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cre-firm-kicks-off-with-245m-portfolio\/","title":{"rendered":"CRE Firm Kicks Off with $245M Portfolio"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004133188\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-firm-kicks-off-with-245m-portfolio\/horsham1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg\" data-orig-size=\"1280,783\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"horsham1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg?w=1024\" class=\"alignright size-medium wp-image-1004133188\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg\" alt=\"horsham1\" width=\"300\" height=\"184\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg?resize=300,184 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg?resize=768,470 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham1.jpg?resize=1024,626 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Liberty Property Trust, of Malvern, Pa., has sold its 41-property, 2.3-million-square-foot portfolio in the Horsham, Pa., submarket for $245.3 million, it was announced Friday. The deal was the first acquisition for the buyer, Workspace Property Trust, a new CRE investment firm led by industry veterans Thomas Rizk, Roger Thomas and Howard Sipzner.<\/p>\n<p>Workspace is a privately held, vertically integrated company specializing in the development, management and operation of office and flex space in the Northeast and is a partnership among Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital.<\/p>\n<p>The acquisition represents, according to Workspace, \u201cthe beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast region.\u201d<\/p>\n<p>Located directly off the Pennsylvania Turnpike, the portfolio consists of 2,374,700 square feet across 41 buildings. While the portfolio also includes flex space and a 20-acre parcel of land, the major portion is 860,000 square feet of Class A, multi-story offices. The portfolio was 84.3 percent leased at closing, according to Liberty.<\/p>\n<p>&#8220;We believe there is a significant opportunity to acquire high-quality assets and portfolios in transit-centric, amenity-rich, near-city submarkets within the Northeast corridor,\u201d Roger Thomas, president and COO of Workspace, said in a prepared statement.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004133189\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-firm-kicks-off-with-245m-portfolio\/horsham2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg\" data-orig-size=\"1280,960\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"horsham2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004133189\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg\" alt=\"horsham2\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/horsham2.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>\u201cWe are thrilled to complete this transaction and begin building a substantial platform of suburban office real estate assets,\u201d added Thomas Rizk, CEO of Workspace. \u201cThere are some interesting parallels between the current market environment and when I originally deployed a similar strategy after taking Cali Realty public in 1994. We intend to \u2026 aggressively pursue both marketed and non-marketed transactions\u2026.\u201d<\/p>\n<p>The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank, N.A. and arranged by Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley of HFF.<\/p>\n<p>With this sale, Liberty stated, its 2015 dispositions now total $536 million.<\/p>\n<p>\u201cThe sale itself is not a surprise, as [Liberty] is on a quest to shed suburban office properties in favor of investing in warehouses. I\u2019d expect similar sales in the near future,\u201d Eric Frankel, an analyst at Green Street Advisors, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>\u201cFor a variety of reasons,\u201d he continued, \u201csuburban office has proven to be an especially tough real estate business, and the public market values it that way. Thus, selling assets makes a lot of sense. However, portfolio transformations tend to be challenging for REITs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liberty Property Trust has sold its 41-property Horsham, Pa., portfolio to Workspace Property Trust, a new CRE firm. <\/p>\n","protected":false},"author":882,"featured_media":1004133188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21825,21752,21742,10,21747],"tags":[],"class_list":["post-1004133177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-finance","category-mixed-use","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CRE Firm Kicks Off with $245M Portfolio - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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