Workspace Property Trust closes acquisition on $969 Million portfolio from Liberty Property Trust

HORSHAM, Pa., Oct. 5, 2016

This acquisition is the second significant real estate transaction by WPT and has expanded its portfolio to 149 properties totaling approximately 10 million square feet.  In less than one year, WPT has acquired over $1.2 billion dollars of assets, consistent with its strategic plan to build a portfolio of superior, well-positioned suburban real estate assets.

Thomas Rizk, Chief Executive Officer and a founding principal of WPT, commented, "This exciting acquisition is a key step in establishing our platform for investment in high quality suburban office properties in select markets.  The addition of Safanad, with its management in world wide investments and Square Mile, which along with its affiliates has approximately $15 Billion of assets under management, provides the financial strength to continue building our portfolio."

Along with the acquisition of these properties, Workspace has hired approximately 50 new employees to expand its franchise.  Roger Thomas, President, Chief Operating Officer and a founding principal of WPT, stated, "Everyone at WPT is ecstatic to have acquired these well-maintained, well-located assets from Liberty.  This exceptional acquisition adds tremendous growth and potential to our platform.  We have built an outstanding organization with fantastic talent in all aspects of owning, managing, and leasing quality suburban properties.  We look forward to a successful future as a leader in suburban office markets."

This portfolio acquired by Workspace Property Trust includes suburban submarkets in Philadelphia, Minneapolis, Tampa, Phoenix, and South Florida.  The portfolio boasts strong, consistent overall occupancy and financial performance.  Workspace Property Trust closed on its first transaction last year when it purchased 41 office and flex buildings in Horsham, PA from Liberty Property Trust for approximately $245.3 million.  WPT's first acquisition was in partnership with Forum Partners, JMP Group, and EverWatch Capital.

Kamal Bahamdan, Chief Executive Officer and Founder of Safanad commented, "Safanad's approach to investing aligns very well with Workspace Property Trust's vision and strategic plan of building a strong overall portfolio in vibrant submarkets.  We have great confidence that our partnership with Tom and Roger, together with their original investing partners and Square Mile, will create tremendous value in these suburban office markets."

Elliot Rattner, Principal for Square Mile commented, "We are pleased to join WPT, its existing capital partners and Safanad in this high quality and diversified portfolio acquisition. Square Mile invests utilizing a value-oriented approach to commercial real estate assets through alignment with likeminded and institutional sponsors. Tom, Roger, and the WPT portfolio fit squarely with these objectives and we are excited to be a part of this important step towards their firm's growth and future success."