Liberty Property Trust has exited the Horsham, PA submarket, closing the sale of its entire portfolio of 41 office and flex properties to privately held Workspace Property Trust (WPT) for $245.3 million
The portfolio in Horsham, located 10 miles north of downtown Philadelphia, totals 2.4 million square feet of existing space and 20 acres of development land. The portfolio was 84.3% leased at closing.
The deal is the first major transaction by Workspace Property Trust, which specializes in the development, management, and operation of office and flex space in the Northeast. The company is led by former Mack-Cali Realty CEO Thomas A. Rizk.
WPT partnered with Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital in the transaction, financed with a $200 million loan provided by JPMorgan Chase Bank, N.A. and arranged by HFF's New York City debt placement team.
The sale brings Malvern, PA-based Liberty’s 2015 dispositions to date to a total of $536 million.
www.omegare.com
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