As Part of Its $12.6 Billion Sale, Liberty Property Trust to Close Headquarters and Lay Off 94 Employees
As part of its $12.6 billion sale to Prologis, Liberty Property Trust will close its Wayne headquarters and lay off 94 employees in the process, writes Natalie Kostelni for the Philadelphia Business Journal.
The real estate investment trust moved into its 25,000-square-foot headquarters at 650 East Swedesford Road last year from its long-time Malvern home. However, this new location will close on Feb. 3, 2020, according to the Worker Adjustment and Retraining Notification with the state.
The sale of the trust to Prologis is expected to finalize before the end of the first quarter. The transaction was first announced in October, with both boards unanimously agreeing to the deal. According to the terms presented in the deal, Prologis will acquire Liberty, including the assumption of debt, in an all-stock transaction.
After the sale is completed, Liberty will eventually put the building where it currently houses its headquarters up for sale, together with its companion building at 680 East Swedesford Road. This will give investors the opportunity to snatch up two adjacent properties in a highly desirable market.
Read more about Liberty Property Trust in the Philadelphia Business Journal here.
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