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An investment group led by Oak Hill Advisors’ new real-estate business is making a $326.5 million investment in a suburban office building company on the premise that the property type will benefit from shifting work and living patterns accelerated by the pandemic.

Oak Hill’s real-estate unit is making a debt-and-equity investment in Workspace Property Trust LP, a six-year-old firm that owns 10 million square feet of mostly suburban office space in Tampa, Fla., Phoenix, Minneapolis, Philadelphia and other markets. The deal will help give Workspace the muscle to go on a shopping spree over the next five years, said Tom Rizk, the commercial real-estate veteran who is co-founder and chief executive of Workspace.

“Over a five-year period, we would like to do $5 billion in acquisitions,” he said.

The deal marks the first investment made by Oak Hill’s new real-estate unit since last fall when it started by recruiting Matt Borstein, the former global head of Deutsche Bank’s commercial real-estate business. Oak Hill has more than $50 billion of capital under management focusing on distressed and performing credit investments.

Mr. Borstein said the new business initially planned to focus on the “historic dislocation” that many investors expected in the commercial-property market from the pandemic. But that hasn’t materialized thanks in part to the easy-money policies of the Federal Reserve.