Company Sees Continued Strengthening in the Suburban Office Market Supported by Demographics
Workspace Property Trust (“WSPT®”), a real estate investment firm led by longtime successful industry veterans Thomas Rizk and Roger Thomas, announced today that it has closed on a $1.275 billion portfolio financing with JP Morgan Chase Bank, NA.
The proceeds from this financing will be used to repay existing shorter-term debt, redeem preferred equity interests and for general corporate purposes. The facility was arranged and placed by JP Morgan Chase Bank, NA and closed in less than two months’ time from the execution of a term sheet.
“Our ability to enter into this debt facility in both the amount and on the terms we did speaks volumes about the value Workspace has generated in less than two years’ time,” said Thomas Rizk, WSPT Co-Founder and Chief Executive Officer. “The execution of this refinancing provides a tremendous validation of our strategic focus on suburban office and the strength of the platform that Workspace has created.”
Since acquiring its portfolio from Liberty Property Trust, under two separate transactions in December 2015 and October 2016, WSPT has completed over 3 million square feet of leasing transactions; adding significant stability and value to the overall portfolio.
Roger Thomas, Co-Founder, President and Chief Operating Officer, commented, “From the beginning, Tom and I believed in the gravitational pull the suburbs would have on the growing numbers of millennials getting married, forming families and seeking lower costs of living, and better housing and schools, just as every generation before them. Employers are following this migration, resulting in higher rents and occupancy growth in our suburban office markets.”
WSPT owns, leases and manages 147 properties and over 9.8 million square feet of premier office and flex space in top-rated suburbs in Philadelphia, Minneapolis, Tampa, Phoenix, and South Florida.