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Workspace Property Trust has purchased six Class A suburban office buildings in five separate markets from Griffin Realty Trust, Inc. for $170.4 million.

Workplace Property Trust Completes $1.3B Deal with $170M Closing on Six Office Buildings

A consortium led by Boca Raton, FL-based Workspace Property Trust has purchased six Class A suburban office buildings in five separate markets from Griffin Realty Trust, Inc. for $170.4 million. El Segundo, CA-based Griffin Realty Trust will retain a minority ownership in the portfolio.

Combined with the first phase of this transaction, which closed in August 2022, Workspace Property Trust has acquired over nine million square feet across 59 Class A suburban office buildings from Griffin Realty Trust in an overall deal valued at approximately $1.3 billion.

The just completed transaction involves properties:

  • 6380 & 6440 Aviation Way, West Chester, OH; 409,798 square feet
  • 3929 West John Carpenter Freeway, Irving, TX; 125,422 square feet
  • 350 East Plumeria Drive, San Jose, CA; 142,700 square feet
  • 7628 Thorndike Road, Greensboro, NC; 100,733 square feet
  • Three Overlook Point, Lincolnshire, IL; 283,257 square feet

Newmark served as advisor to Workspace Property Trust on the debt financing, which was provided by UBS. Jordan Bock of Mason Capital served as strategic advisor and partner to Workspace Property Trust and the consortium in connection with the transaction.

The six buildings increase the size of Workspace Property Trust’s holdings to 19 million square feet with over 200 buildings in 23 US markets in the US. The privately held commercial real estate company specializes in the ownership, management, leasing and development of office and light industrial, R&D and flex space.

“Investing in the suburban office market has evolved quickly from a contrarian play into a sought after, mainstream and competitive sector as the suburbs continue to perform well, characterized by continued robust leasing activity fueled by strong demand from larger, national tenants to increase their footprint outside of central business districts,” said Thomas Rizk, co-founder, chairman and CEO of Workspace Property Trust.

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Workplace Realty Trust's Rizk

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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