Liberty Property Trust Selling its Suburban Offices and Pursuing Bigger Opportunities
There are incredible opportunities in industrial real estate these days, and Malvern-based Liberty Property Trust is setting free much of its portfolio of suburban office space to make room for new developments.
For sale signs are expected to pop up on 8.5 million square feet of Liberty’s suburban office properties, and the proceeds will be funneled into a pipeline that’s already got $500 to $700 million in new development projects slated for 2016.
“We are fortunate to be operating in a very strong environment, particularly for industrial real estate,” CEO Bill Hankowsky said in a Globe St. report. “We have experienced tremendous activity in nearly every industrial market during the fourth quarter, and we are also seeing remarkable interest by high-quality companies seeking to locate at The Navy Yard in Philadelphia, Rio Salado in Tempe and our planned Camden Waterfront office project. This activity gives us a great deal of confidence in 2016.”
The firesale of “most, if not all, of our remaining non-core suburban office product” is the culmination of a strategic plan set in motion back in 2013 to “take full advantage of changes in how business utilizes real estate, and fully devote our unique development, leasing and management talents to higher-value opportunities,”Hankowsky said in the article.
Read more about Liberty’s big refocusing effort on Globe St. here, and check out previous VISTA Today coverage of the on-the-move real estate investment trust here.
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