An affiliate of Rubenstein Partners acquired a portion of the mezzanine tranche of the debt financing for one of 2022’s largest U.S. office property portfolio acquisitions.
Last summer, Workspace Property Trust recapitalized a 53 suburban office building portfolio in markets throughout the United States for a total of $1.1 billion. Through the deal, Rubenstein was able to acquire a minority mezzanine piece in the capital stack.
The portfolio consists of approximately 7.6 million square feet of office space, currently about 84% leased through mostly single-tenant net lease deals. Major markets include Atlanta, Dallas and Charlotte.
“We continue to seek out what we believe are strong risk adjusted opportunities to deploy capital in the U.S. office market,” Stephen Card, director of acquisitions for Rubenstein, said. “In this case our experience as a lender, equity owner and operator throughout the U.S. we believe enabled us to analyze and understand the value of this portfolio and the sponsor’s plans for the properties, supporting the mezzanine investment.”
