One of the world’s largest sovereign-wealth funds and its US partner are buying a majority stake in 53 suburban office buildings in a deal valuing the properties at $1.1 billion, a major bet that remote work will boost demand for workplaces close to residential areas.
Singapore’s GIC Pte. Ltd. is investing in the buildings alongside Workspace Property Trust, a privately held commercial real-estate firm based in Boca Raton, Fla., according to a person familiar with the matter. The deal will nearly double Workspace’s holdings to around 18 million square feet. Many of the newly acquired buildings are clustered around Atlanta, Dallas and the San Francisco Bay Area.