HORSHAM, PA—Privately held Workspace Property Trust said Wednesday it had closed on its $969-million acquisition of 108 office and flex properties from Liberty Property Trust. The acquisition, first announced in late July, was made in partnership with Safanad and affiliates of Square Mile Capital Management.

Workspace CEO Thomas Rizk says the acquisition is “a key step in establishing our platform for investment in high quality suburban office properties in select markets.  The addition of Safanad, with its management in worldwide investments, and Square Mile, which along with its affiliates has approximately $15 billion of assets under management, provides the financial strength to continue building our portfolio.”

The transaction represents Horsham, PA-based Workspace's second acquisition overall, as well as its second with LPT. The first was a 2.3-million-square-foot portfolio of 41 office and flex properties located entirely within Horsham; that $245.3-million deal, which closed this past December, was made in partnership with Forum Partners, JMP Group and EverWatch Capital.

With the closing of the latest deal, Workspace's portfolio now runs to 149 properties totaling more than 10 million square feet. This latest acquisition includes suburban submarkets in the Philadelphia, Minneapolis, Tampa, Phoenix and South Florida metro areas.

The largest share by state comes from Florida, with 1.1 million square feet in South Florida, along with 8.6 acres of developable land, and about 1.8 million square feet of mainly flex space in the state's Tampa region. There is also another 2.1 million square feet in the Philadelphia suburbs, along with 1.1 million square feet is concentrated in suburban Phoenix, as well as 18.1 acres, with the remaining 1.5 million square feet located in Twin Cities suburbs.  The properties were 88.1% leased at closing.

LPT said earlier this week that the sale to the Workspace-led group brings its year-to-date dispositions to $1.2 billion. That figure is consistent with Malvern, PA-based LPT's announcement this past spring that it intended to sell between $900 million and $1.2 billion of non-core suburban properties during 2016.

HORSHAM, PA—Privately held Workspace Property Trust said Wednesday it had closed on its $969-million acquisition of 108 office and flex properties from Liberty Property Trust. The acquisition, first announced in late July, was made in partnership with Safanad and affiliates of Square Mile Capital Management.

Workspace CEO Thomas Rizk says the acquisition is “a key step in establishing our platform for investment in high quality suburban office properties in select markets.  The addition of Safanad, with its management in worldwide investments, and Square Mile, which along with its affiliates has approximately $15 billion of assets under management, provides the financial strength to continue building our portfolio.”

The transaction represents Horsham, PA-based Workspace's second acquisition overall, as well as its second with LPT. The first was a 2.3-million-square-foot portfolio of 41 office and flex properties located entirely within Horsham; that $245.3-million deal, which closed this past December, was made in partnership with Forum Partners, JMP Group and EverWatch Capital.

With the closing of the latest deal, Workspace's portfolio now runs to 149 properties totaling more than 10 million square feet. This latest acquisition includes suburban submarkets in the Philadelphia, Minneapolis, Tampa, Phoenix and South Florida metro areas.

The largest share by state comes from Florida, with 1.1 million square feet in South Florida, along with 8.6 acres of developable land, and about 1.8 million square feet of mainly flex space in the state's Tampa region. There is also another 2.1 million square feet in the Philadelphia suburbs, along with 1.1 million square feet is concentrated in suburban Phoenix, as well as 18.1 acres, with the remaining 1.5 million square feet located in Twin Cities suburbs.  The properties were 88.1% leased at closing.

LPT said earlier this week that the sale to the Workspace-led group brings its year-to-date dispositions to $1.2 billion. That figure is consistent with Malvern, PA-based LPT's announcement this past spring that it intended to sell between $900 million and $1.2 billion of non-core suburban properties during 2016.