Wayne-Based Liberty Property Trust Puts Its Navy Yard Portfolio Up for Sale

Image via the Navy Yard.

Wayne-based Liberty Property Trust has put up for sale its Navy Yard portfolio, which consists of 10 office properties estimated at $300 million, writes Natalie Kostelni for the Philadelphia Business Journal.

Liberty established the Navy Yard as an emerging office submarket through its development there. Now, the sale of its properties gives prospective investors the chance to own a piece of it.

Four of the buildings have already been locked in by an affiliate of Ensemble Real Estate Solutions. The Arizona-based real estate company has already been involved in the development of a Courtyard Marriott at the Navy Yard. Now, it has plans for another hotel.

The company has already closed on the purchase of two Liberty buildings leased to PNC Bank and FS Investments. The company is also expecting to close on another two buildings in the next 30 days. The terms of the sales have not been disclosed.

The remaining six buildings are expected to trade at a premium due to their long-term leases.

This includes the building leased to Jefferson University Health System for 20 years and one leased to GlaxoSmithKline on a long-term basis.

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

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