July 26, 2016
Workplace Property Trust (WPT), based in Horsham, PA, has struck an agreement with Liberty Property Trust to acquire 108 office and flex buildings in five markets. WPT and strategic partners Safanad will pay $969 million for the properties, located in Arizona, Florida, Minnesota and Pennsylvania. The sale is scheduled to close during Q3.
Workplace Property Trust specializes in developing, managing and operating office and flex space. Upon closing the Liberty Property Trust acquisition, WPT will own 9.9 million square feet across 149 properties in five markets.
“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,” said Thomas Rizk, founding principal and CEO of WPT.
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