Malvern’s Liberty Property Trust has expanded its Center City presence with two more properties near the soon-to-be-completed Comcast Technology Center, writes Natalie Kostelni for the Philadelphia Business Journal.
Last month, the real estate investment trust purchased 1926-34 Arch Street, a four-story office building, and 1936 Arch, the adjacent 6,000 square feet of parking. They are conveniently located just across the street from another group of Liberty properties on Arch, 19th, Cherry, and 20th streets.
This latest buy is probably aimed at future development, with Comcast being the likely candidate.
“We have accumulated additional properties, and this gives us some additional flexibility and optionality for when we decide to develop west of 1800 Arch Street,” said John Gattuso, senior vice president and regional director at Liberty.
According to property records, the building and adjacent lot were sold for $15 million. The office building is currently fully occupied, and Liberty Property Trust said it intends to honor the existing leases.