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Workspace Bulks Up Office Portfolio with $1.1B Buy from Griffin Realty Trust
Griffin Realty Trust, Inc. (GRT) has sold a majority interest in a 41-property office portfolio valued at $1.132 billion to a consortium led by Workspace Property Trust founders Thomas A. Rizk and Roger W. Thomas. GRT retains a minority interest in the portfolio, which includes 53 office buildings and one land parcel.
GRT president and CEO Michael Escalante said the sale “reduces debt on our balance sheet and de-risks our portfolio in consideration of current capital market conditions” and continued pressures from pandemic-related work-from-home trends.
For Workspace, whose investment partner was reportedly GID, the acquisition nearly doubles its holdings to 18 million square feet. “With this transaction, Workspace becomes the preeminent national suburban office and light industrial company in the country and the preferred commercial real estate partner for the Fortune 1000,” said Rizk.
Eastdil Secured, Goldman Sachs and BofA Securities advised GRT. Newmark advised Workspace on debt financing.
- ◦Sale/Acquisition
