Workspace Property Trust Partners with RAJ Sports for New Center
Workspace Property Trust Partners with RAJ Sports for New Center
Workspace Property Trust, a leader in suburban commercial office management, has teamed up with RAJ Sports, a reputable sports investment platform. Together, they are embarking on an exciting journey to create an elite performance center tailored for the Portland Thorns and the new WNBA franchise, which offers a fresh perspective on women’s sports. This strategic move signals a commitment to enhancing sports facilities while meeting the demand for innovative workspaces.
A New Era for Women's Sports in Portland
The recent lease agreement spans an impressive 15 years, covering two prime office buildings alongside expansive land. These premises are ideally situated in Hillsboro, which is becoming a hotspot for professional sports and community engagement. The partnership aims to develop a groundbreaking dual-sport performance center that supports both the NWSL's Portland Thorns and the WNBA team.
Innovative Sports Facilities
Workspace and RAJ Sports have collaborated intensively over several months to devise a comprehensive plan that will transform 100,000 square feet of existing space into a multifunctional venue. This will include two full-sized soccer pitches, two full basketball courts, and dedicated areas for training and recovery. The vision extends to providing essential support facilities such as dressing rooms and family spaces, creating a holistic environment for athletes.
Commitment to Partnership
Leadership from both companies has expressed enthusiasm for this unique collaboration. Tom Rizk, Co-Founder and CEO of Workspace, emphasized the importance of establishing robust, long-term partnerships with tenants. He stated, “Our goal has always been to personalize our approach, ensuring that we cater to the needs of our tenants in a rapidly changing real estate landscape.” This philosophy embodies the spirit of innovative partnerships aimed at fostering growth in the community.
Creating a Thriving Community Hub
Alex Bhathal, a key figure behind RAJ Sports, remarked on the potential impact of the performance center, stating that it aims to offer an inclusive environment for athletes, supporters, and the wider community. RAJ Sports brings extensive experience in operating sports teams and broad real estate projects, a perfect combination to realize this vision.
The new facility is set to play a vital role in making Hillsboro a premier destination for women’s sports, contributing to the professional landscape of the area.
The Future Looks Bright for Workspace Property Trust
The addition of RAJ Sports as anchor tenants at Workspace’s Evergreen Corporate Center reinforces the value of this property, with local demand for such spaces at an all-time high. Approximately 50% of the center will be dedicated to the Thorns and WNBA team, while the remaining 160,000 square feet will cater to various research and development initiatives or office use. The workspace environment is evolving, and this collaboration is setting an example for the future of suburban office spaces.
Adaptive Reuse Across the Portfolio
Beyond the Hillsboro project, Workspace Property Trust has been making waves with numerous adaptive reuse projects throughout its portfolio. Thoughtfully reimagining spaces for innovative tenants, such as the coworking startup Loloft, exemplifies this shift towards multifunctional environments. These developments extend across various locations, creating vibrant workspaces designed for the modern entrepreneur.
Commitment to the Greater Good
As the real estate and sports industries increasingly intertwine, Workspace is seen as a frontrunner in innovative adaptive reuse. The firm is also pivoting towards creating diverse spaces for data centers, schools, and recreational facilities—proving to be an influential player in the community.
About Workspace Property Trust
Workspace Property Trust is committed to reshaping the commercial real estate landscape across the United States. With a focus on suburban locations, this privately-held company owns and operates approximately 19 million square feet within major metropolitan areas. The organization’s vision is rooted in creating convenient, accessible spaces that enrich the lives of tenants and the communities they serve.
About RAJ Sports
RAJ Sports is helmed by industry veterans Alex Bhathal and Lisa Bhathal Merage, who harness their family's generational expertise in sports investments. Their mission is to leverage sports dynamics for broader social impact. Following its significant investments in teams like the Sacramento Kings and the Portland Thorns, RAJ is positioned strategically to foster both athletic and community growth.
Frequently Asked Questions
What is the purpose of the new performance center?
The performance center is designed to support both the NWSL's Portland Thorns and the WNBA's Portland franchise, providing state-of-the-art training facilities for athletes.
What does the lease agreement entail?
Workspace Property Trust signed a 15-year lease with RAJ Sports for office buildings and land to develop the performance center.
How will this project benefit the community?
The facility aims to create an inclusive environment for athletes, reduce barriers, and foster community engagement through sports.
What other projects is Workspace involved in?
Workspace has been actively developing other adaptive reuse projects, including converting spaces into coworking, education, and data center facilities.
Who are the key players behind RAJ Sports?
RAJ Sports is led by Alex Bhathal and Lisa Bhathal Merage, who focus on impactful sports investments and community enhancements.
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