A consortium led by Thomas A. Rizk and Roger W. Thomas, the founders of Workspace Property Trust, has purchased a majority stake in six class A suburban office buildings for $170.4 million. Griffin Realty Trust sold the properties, which total one million square feet and are located in five separate markets. It will retain a minority ownership in the portfolio.
The six buildings are located in suburban Chicago, Dallas, San Jose, Cincinnati and Greensboro. The deal is valued at roughly $1.3 billion.
Targeting suburban offices has become a mainstream strategy, Rizk said in prepared comments. "The suburbs continue to perform well, characterized by continued robust leasing activity fueled by strong demand from larger, national tenants to increase their footprint outside of central business districts."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
