Eight months after announcing that it would relocate its headquarters from the Great Valley Corporate Center to Wayne, Liberty Property Trust has decided to move on from owning and developing office properties to focus solely on industrial real estate, writes Natalie Kostelni for the Philadelphia Business Journal.

Liberty is selling its real estate interests in the Philadelphia area, and will not initiate any new office development. Its last project will be the 95,000-square-foot building for WuXi AppTec at the Navy Yard.

The company’s development of office properties over the last four decades has had a huge impact on the Philadelphia region. Its additions to the skyline include One and Two Liberty Place and two Comcast towers.

The decision to exit from office ownership means Liberty’s presence will be diminished locally. However, the company will continue developing industrial space in South Jersey, central Pennsylvania, Lehigh Valley, and the Navy Yard.

The real estate company owns 4.5 million square feet of office space with three quarters of it being joint ventures, in which Liberty owns a minority interest.

Liberty expects to sell all of the properties it owns outright for between $700 million and $800 million, with the timing yet to be decided.

Read more about Liberty Property Trust in the Philadelphia Business Journal here.

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