Wednesday, November 4, 2015

$100M Horsham office portfolio in play?

by Natalie Kostelni, Reporter, Philadelphia Business Journal

Rizk Ventures is reportedly buying a portfolio of office properties in Horsham, Pa., from Liberty Property Trust in a transaction valued at an estimated $100 million.
The deal, which involves more than 40 properties Liberty (NYSE: LPT) owns in the Montgomery County office submarket, will mark the company’s exit from it, according to multiple sources.

At the same time, it will be Rizk’s first foray into the Philadelphia region’s office market.
Rizk is a New York investment firm that was formed by Thomas A. Rizk, who operated a company called Cali Realty Corp. that was later merged with another company to form Mack-Cali Realty Corp.
A spokewoman from Liberty declined to comment on market rumors. An official from Rizk couldn’t be reached for comment.

Horsham and Fort Washington, which make up the submarket, have been in transition this year.
Earlier, Brookwood Financial Partners closed on a $183 million, 29-building office portfolio that gave it six properties in Fort Washington including 500 and 501 Office Center Drive and 220 Commerce Drive. That deal meant the exit of Brandywine Realty Trust (NYSE: BDN) from that suburban office market.

If Liberty’s deal with Rizk is finalized, it means that Liberty will also be out of it. Liberty, like Brandywine, has been paring down its suburban office holdings to focus on what it deems as core holdings.

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