Liberty Property Trust Sells 7.4 Million Square Feet, 108 Properties in Billion Dollar Portfolio Deal
Liberty Property Trust has entered into a sale agreement with Workspace Property Trust worth nearly $1 billion, writes Natalie Kostelni for Philadelphia Business Journal.
While Liberty is not completely exiting the Philadelphia market with this sale, its footprint will be significantly reduced once the deal is finalized. Liberty’s portfolio of 108 office and flex buildings included in the sale agreement with Workspace includes two dozen properties in the Great Valley Corporate Center in Malvern.
Liberty will retain the buildings it currently leases to Vanguard Group together with several redevelopment sites at the Great Valley Corporate Center. It will also continue to hold onto its King of Prussia properties, but will sell its holdings in the Chesterbrook Corporate Center.
The deal is expected to close in the third quarter of 2016.
Horsham based Workspace Property is buying the properties in partnership with global investment firm Safanad Ltd.
“It’s a big deal and we’re thrilled,” said Roger Thomas, who heads up Workspace. “We’ve been working hard on this and we’re very excited.”
Read more about the sale agreement at Philadelphia Business Journal here, and check out previous VISTA Today coverage of Liberty Property Trust here.
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