Suburban office owner Workspace Property Trust has postponed a planned initial public offering, citing “current market conditions,” suggesting that investors have not yet fully embraced the Horsham, PA-based firm’s strategy of investing in largely suburban U.S. office properties.
In its first public filing last month, Workspace said it planned to list on the New York Stock Exchange under the symbol WSPT. The company hoped to sell 39 million shares of its common stock in an IPO at between $12 and $15 per share, raising about $527 million at the midline of the pricing range and $585 million at the high end.
Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, KeyBanc Capital Markets, Barclays, Citi, BMO Capital Markets, Capital One Securities and JMP Securities were lined up as joint book runners on the deal. Workspace, headed by former Mack-Cali Realty executives Tom Rizk as CEO and Roger Thomas as president, announced it would begin trading on Thursday, Nov. 9, but rescheduled the IPO for Monday before issuing another statement later that day indefinitely postponing the offering.