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Workspace Property Trust Modifies, Extends $1.3B CMBS Facility
Suburban office landlord Workspace Property Trust, headquartered in Boca Raton, FL, said Wednesday it had modified and extended its approximately $1.3-billion CMBS facility. The company secured a two-year extension for loans supported by its nearly 10-million-square-foot portfolio of 146 suburban office and light industrial, R&D and flex industrial properties in 14 major metropolitan markets.
Workspace also owns an additional nine million Class A square feet of commercial office portfolio across 59 properties in the US.
“Getting this deal done in what many have described as the most challenging real estate market in decades was no small feat and is testament to the underlying strength of our portfolio, the resilience of the suburban office sector, the promise of our pipeline and the capabilities of Workspace’s vertically integrated national platform,” said Thomas A. Rizk, co-founder and CEO of Workspace.
Iron Hound Management Company LLC served as financial advisor to Workspace.
Pictured: Workspace Property Trust’s 25500 Norterra Pkwy. in Phoenix.
- ◦Financing
