Safanad Establishes Suburban Office Investment Platform Through Landmark USD 1.3 Billion Transaction
October 6, 2016 — Safanad, in strategic partnership with Workspace Property Trust, a real estate investment firm, led by long-term successful industry veterans Thomas Rizk and Roger Thomas, and Square Mile Capital, a diversified real estate investment firm, announced today that it has acquired 108 buildings and 26.7 acres of land, in five markets from Liberty Property Trust (NYSE: LPT) for approximately $969 million.
This acquisition forms an integral part of the Safanad Suburban Office Partnership, a real estate investment platform totalling approximately 148 buildings across 4 U.S. states with almost 10 million square feet of leasable space. The Partnership now manages over $1.3 billion dollars of assets, continuing on its strategic plan to build a portfolio of superior, well-positioned suburban real estate assets.
The portfolio boasts strong, consistent overall occupancy and financial performance. Workspace Property Trust, previously acquired 40 buildings in Horsham, Pennsylvania from Liberty Property Trust in 2015, which were simultaneously contributed by WPT to the Safanad Suburban Office Partnership, bringing the total market value of assets managed to over $1.3 billion.
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 will create tremendous value in these suburban office markets.”