Seyfarth Advises Workspace Property Trust in its $245.3 Million Acquisition of a Pennsylvania Real Estate Portfolio

NEW YORK (December 4, 2015) – Seyfarth Shaw LLP represented Workspace Property Trust (WPT), a real estate investment firm led by Thomas Rizk, Roger Thomas and Howard Sipzner, in its acquisition of a $245.3 million Pennsylvania real estate portfolio from Liberty Property Trust (LPT), a leader in commercial real estate.

Strategically located directly off the Pennsylvania Turnpike within the corporate community of Horsham, PA, the portfolio is comprised of 2,374,749 square-feet across 41 buildings. While the portfolio is diverse across property type and tenant mix, the most heavily concentrated property type within the portfolio is 860,000-square-feet of Class A, multi-story office. The area’s close proximity to major thoroughfares provide convenient access to Philadelphia and New York City. The portfolio was 84.3% leased at closing.

Workspace Property Trust is a privately held, vertically integrated, full service commercial real estate company specializing in the development, management, and operation of office and flex space in the Northeast. Workspace Property Trust is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. 

The Seyfarth team in New York was led by partner John Napoli and included Willard Moore, Edward Fox, Steven Crainer, Michael Rosenthal, Gregory Voigt, Marc Reiser, Joshua Lake, Michelle Griswold, Shelley DiDia, Michael Malecz and Emelinda Santiago. The New York finance team of Stephen Epstein, Daniel Evans, and Marc Wenner also represented WPT as borrowers in the $200 million loan provided by JPMorgan Chase Bank, National Association. Robert Winner in Chicago led the team who assisted with the formation and organizational documents for WPT.

To read more about the acquisition, click here

About Seyfarth Shaw LLP

Seyfarth Shaw has more than 850 attorneys and provides a broad range of legal services in the areas of labor and employment, employee benefits, litigation, corporate and real estate. With offices in Atlanta, Boston, Chicago, Houston, London, Los Angeles, Melbourne, New York, Sacramento, San Francisco, Shanghai, Sydney and Washington, D.C., Seyfarth’s clients include over 300 of the Fortune 500 companies and reflect virtually every industry and segment of the economy. A recognized leader in delivering value and innovation for legal services, Seyfarth’s acclaimed SeyfarthLean® client service model has earned numerous accolades from a variety of highly respected third parties, including industry associations, consulting firms and media. For more information, please visit www.seyfarth.com.

Contacts:

Brian Kiefer, Director of Public Relations
(312) 460-6401, bkiefer@seyfarth.com

Martin Grego, Public Relations Manager
(312) 460-6659, mgrego@seyfarth.com