MALVERN, Pa., May 08, 2018 (GLOBE NEWSWIRE) — Liberty Property Trust (NYSE:LPT), today announced that it has sold Five Crescent Drive, a 207,779 square foot office building at the Philadelphia Navy Yard for $130.5 million. The LEED® Platinum property is currently leased to GSK. The property was purchased by an affiliate of Korea Investment Management Co., Ltd (KIM) as advised by Coretrust Capital Partners, LLC.
“Five Crescent Drive is representative of the forward-looking work environment of the Philadelphia Navy Yard, which is the most successful redevelopment of a former Navy Yard in the nation,” said John Gattuso, senior vice president and regional director for Liberty. “It has emerged as a vibrant business hub attracting talent from around the nation and investment from around the globe.”
In connection with its joint venture partner, Synterra Partners, Liberty has developed 1.6 million square feet of high-performance office and industrial property at the Navy Yard. Currently under development is 1050 Constitution Avenue for Axalta Coatings Systems.
Liberty was represented by CBRE Capital Markets in the transaction.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior industrial and office properties. Liberty’s 101 million square foot operating portfolio provides productive work environments for 1,200 tenants.
Liberty Property Trust