Wednesday, April 27, 2016

Workspace Property Trust, Horsham, Announces Strong First Quarter Leasing Activity

Workspace Property Trust ("WPT"), a leading real estate investment firm, today announced the completion of 13 lease transactions in the first quarter of 2016, comprising over 150,000 square feet of space.  These significant lease transactions are indicative of the strong demand for office/flex space in the vibrant Horsham submarket.

"Since acquiring this portfolio in early December, we have worked hard to introduce ourselves to the Horsham community, to engage and partner with the brokerage community and to show ourselves as the new faces and future of suburban office," said Roger Thomas, President and Chief Operating Officer of WPT.  "This portfolio has boasted strong, consistent occupancy over the last decade.  Our ability to continue to focus on driving absorption is proof positive of the resurgence of the suburbs."

Notable lease signings in the first quarter of 2016 for Workspace Property Trust included:

Tyco SimplexGrinnell (36,000 sf), at 261-283 Gibraltar Rd.
Finance of America Mortgage (33,205 sf) at 300 Welsh Rd.
New York Life Insurance Company (25,324 sf) at 100 Witmer Rd.

"WPT consistently provides first class landlord services to our tenants.  As a direct result, we have seen strong demand for companies looking to expand as well as take on a significant footprint in the local market," said Michael Gervasio, Senior Vice President of Workspace Property Trust.

Strategically located directly off the Pennsylvania Turnpike within the prestigious corporate community of Horsham, PA, this portfolio is comprised of 2,374,749 square-feet across 41 buildings.  While the portfolio is diverse across property type and tenant mix, the most heavily concentrated property type within the portfolio is 860,000-square-feet of Class A, multi-story office. Tenants are drawn by the area's proximity to major thoroughfares, which provide convenient access to Philadelphia and New York City.

Workspace Property Trust is a privately held, vertically integrated, full service commercial real estate company specializing in the development, management, and operation of office and flex space. Workspace Property Trust is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital.

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