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Workspace Withdraws IPO as Volatility Returns to Stock Market

Suburban Office Property Investor Hoped to Raise Up to $585 Million in Offering
February 7, 2018
Workspace Property Trust acquired 1 Country View Road in Malvern, PA, as part of its $969 million purchase of a 108-property office and flex portfolio in late 2016.

The on and off-again initial public stock offering of suburban office REIT Workspace Property Trust is off again following the volatility experienced by the stock market over the past few days.

Workspace Property Trust requested to withdraw its IPO registration from the Securities and Exchange Commission without citing a specific reason. However, the real estate investment firm didn't rule out a future IPO, asking that its fees associated with the offering be credited should it decide to pursue an offering in the future.

Workspace, headed by former Mack-Cali Realty executives Tom Rizk as CEO and Roger Thomas as president, was seeking to raise about $600 million from a stock offering to pay down debt and purchase common units held by an affiliate of Safanad Ltd., a Dubai-based real estate investment firm.

Workspace had originally filed for an IPO last October then postponed the offering in November and then refiled in December.

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