Oak Hill Advisors (US) led an investment of $326 million in Workspace Property Trust (US), a privately-held suburban office and light industrial company. The transaction closed on August 24, 2021.
| Acquirer | Workspace Property Trust (US) |
| Target | Oak Hill Advisors (US) |
| Deal Value | $326m |
| Type of Deal | Investment |
| Date Announced | August 24, 2021 |
| Closing Date | August 24, 2021 |
| Advisors | Buy-side: Eastdil Secured (financial), Gibson Dunn & Crutcher (legal) Sell-side: Moelis (financial), Seyfarth Shaw (legal) |
The investment aims to support Workspace Property Trust’s expansion and growth strategy in key suburban markets across the U.S. The firm, founded in 2015 by Thomas A. Rizk and Roger W. Thomas, operates over 10 million square feet of office and industrial properties in South Florida, Tampa, Phoenix, Minneapolis, and two Philadelphia suburbs.
Workspace Property Trust has witnessed significant growth since its inception, delivering exceptional value to tenants and communities during the pandemic. The suburban office sector was one of the best-performing property types in the U.S., characterized by durable income streams despite economic challenges. With a market size of approximately 2.7 billion square feet, opportunities for consolidation remain abundant.
Glenn August, Founder and CEO at Oak Hill Advisors, expressed enthusiasm about Workspace Property Trust’s potential to expand its footprint organically and through acquisitions. The firm plans to leverage its investment expertise and capital resources to support the company's growth initiatives in key markets nationwide.
Financial Context
Oak Hill Advisors, a leading alternative investment firm with over $50 billion in assets under management, has a proven track record of driving successful investments. This strategic partnership is expected to generate significant returns for Workspace Property Trust and its stakeholders.