Malvern’s Liberty Property Trust has sold the office building at the Philadelphia Navy Yard that houses GlaxoSmithKline’s headquarters for $130.5 million, writes Natalie Kostelni for the Philadelphia Business Journal.
This is the first time Liberty has sold a building from its development at the Navy Yard. The office building was purchased by an affiliate of Korea Investment Management, with Coretrust Capital Partners advising.
Liberty developed the building for GlaxoSmithKline to be one of its two headquarters in the U.S. The pharmaceutical company moved into the property six years ago and still has 11 years left on its lease.
The four-story building is an architectural gem that was designed by Robert A.M. Stern. The sale price of $628 per square foot sets a new record for the area, exceeding the $463 per square foot paid by Comcast for its headquarters.
This recognizes “the appeal of the Philadelphia region to international investors and validates the investment thesis behind the Navy Yard complex,” said Robert Fahey, an investment broker with CBRE.