Liberty Property Trust/Synterra Partners and Franklin Square Capital Partners Announce Development of an 80,050 Square Foot Office Building at The Navy Yard Corporate Center
Liberty Property Trust/Synterra Partners announced that it will develop a four-story, 80,050 square foot, Class A office building at 201 Rouse Boulevard in The Navy Yard Corporate Center for Franklin Square Capital Partners.
Franklin Square has signed a long-term lease for the entire building, which is located on 4.4 acres just south of the Courtyard by Marriott (currently under construction). The project is designed to achieve LEED® Gold certification under the Core & Shell™ rating system from the U.S. Green Building Council.
“201 Rouse Blvd. signifies the start of our next phase of development in the Corporate Center, which will be centered around an extensive five-acre public park offering numerous recreational amenities,” said Bill Hankowsky, Chief Executive Officer, Liberty Property Trust. “The Navy Yard’s vibrant and interactive culture continues to attract progressive growing companies such as Franklin Square Capital Partners and we are thrilled that the leadership at Franklin Square has put their trust in us to create an exceptional workplace where they can continue to grow as a company.”
Founded in 2007, Franklin Square is ranked 13th on Forbes Magazine’s 2013 list of America’s most promising companies. It has grown tremendously, increasing its employment tenfold since 2009, going from 15 employees to more than 150 today.
“We are excited to keep our headquarters in Philadelphia and to join the growing community at The Navy Yard,” said Michael C. Forman, Founder and CEO of Franklin Square. “We look forward to having a custom designed space that will accommodate our rapid growth and foster our company’s energetic, collaborative and innovative culture,” Forman concluded.
The new headquarters will have views of both the new park and Philadelphia’s skyline, a healthy food focused café style restaurant, a multi-use exercise facility, state-of-the-art conference facilities, and floor plans full of natural light and designed to foster team interaction.
“My commitment to more jobs and fewer taxes is positioning Pennsylvania to retain and attract high growth firms such as Franklin Square,” said Governor Tom Corbett. “This project will create hundreds of construction jobs as well as hundreds of well-paying, financial industry jobs at The Navy Yard.”
High-Performance Building Offers “Workplace of the Future”
Designed by Philadelphia-based architecture firm DIGSAU, 201 Rouse will feature a ground floor glass pedestal with three floors of zinc exterior cladding above incorporating floor to ceiling windows throughout and a lobby featuring exceptional materials such as wood flooring, hand-chiseled Jerusalem limestone and Venetian plaster.
“The City of Philadelphia is fortunate to have such a dynamic asset like The Navy Yard to attract and retain growing businesses such as Franklin Square,” said Mayor Michael A. Nutter. “The company’s leadership has deep Philadelphia roots, is civically engaged, and, most importantly, is creating high-quality jobs. We are thrilled Franklin Square – an industry leading asset management firm – recognizes the benefits of being in Philadelphia and is staying and growing in our city,” added Nutter.
All of the major partners on the project are either headquartered in or have offices in Philadelphia. In addition to DIGSAU, participants include: Turner Construction, the general contractor; Re:vision Architects, LEED consultants; Environetics, structural design; Pennoni Associates, site and civil design; Francis Cauffman, interior architects, and Fury Design, interior designers. Glen Blumenfeld and Kartik Patel of Radnor-based Tactix Real Estate Advisors represented the tenant in the transaction.
John Grady, President of PIDC said, “We are very pleased to have a fast-growing company like Franklin Square moving to The Navy Yard. 201 Rouse will mark the first new office construction in the Corporate Center since the unveiling of The Navy Yard Master Plan Update earlier this year, and we expect Franklin Square to be one of many new firms to join the 130 companies that already employ more than 10,000 people at The Navy Yard.”
This is the twelfth development project initiated by Liberty at The Navy Yard in just nine years, representing over 1.2 million square of office, industrial and hotel space. Seven of those projects, which have been in LEED certified spanning Platinum, Gold, Silver and Certified, have been developed in partnership with Synterra Partners.
Liberty and Synterra anticipate that they will begin site work for 201 Rouse Blvd. – which will be the eighth high performance building in the series – in September of 2013. It plans to deliver the completed building in the first quarter of 2015.
About The Navy Yard
The Navy Yard is a 1,200 acre, dynamic urban development, offering the Philadelphia region a unique and centrally-located business campus with an uncompromising commitment to sustainability. The Navy Yard is home to more than 130 companies and 10,000 employees in the office, industrial/manufacturing, and research and development sectors, occupying 6.5 million square feet of real estate in a mix of historic buildings and new LEED® certified construction. In its master developer role at The Navy Yard, PIDC manages all aspects of the property’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions.
About The Navy Yard Corporate Center
The Navy Yard Corporate Center is a master-planned development within The Navy Yard featuring state-of-the-art, sustainable multi-tenant and build-to-suit office space, developed and owned by Liberty Property/Synterra, L.P., a joint venture between Liberty Property Trust and Synterra Partners. During the last eight years, seven properties totaling over 580,000 square feet have been completed in The Navy Yard Corporate Center representing an investment of over $160 million in development by Liberty Property/Synterra, L.P. Additionally at The Navy Yard the partnership has developed 4750 League Island Boulevard for Unique Industries and three flex buildings at The Navy Commerce Center representing an additional investment of $64 million.
About Liberty Property Trust
During the last decade, Liberty has invested nearly $1.7 billion in USGBC LEED® registered and/or certified sustainable developments. The company has been recognized for its commitment to sustainable design and its positive impact on its tenants’ employees, the environment and its communities. Liberty has received numerous awards for its approach and commitment to sustainability, including the National Association of Industrial and Office Properties (NAIOP) 2008 Developer of the Year Award, the CoreNet Global 2008 Sustainability Leadership Award for Design & Development, the 2007 NAIOP Green Development Award.
Headquartered in Malvern, PA, Liberty is dedicated to enhancing people’s lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 81 million square foot portfolio offers exceptional locations and flexible design to more than 1,700 tenants at 662 properties. The company is a leader in the development of high performance green buildings. For more information visit www.libertyproperty.com.
About Synterra Partners
Synterra Partners is a local real estate development company founded in 1996. The firm has an extensive portfolio of projects that include hotels and resorts, commercial and retail developments both domestic and international. Synterra Partners has earned its extraordinary reputation by working successfully with public and private organizations to create innovative strategies for complex development projects.
About Franklin Square Capital Partners
Franklin Square is a leading manager of alternative investment funds designed to enhance investors’ portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. The firm’s funds offer “endowment-style” investment strategies that help construct diversified portfolios and manage risk. Franklin Square strives not only to maximize investment returns but also to set the industry standard for best practices by focusing on transparency, investor protection and education for investment professionals and their clients.
Founded in Philadelphia in 2007, Franklin Square quickly established itself as a leader in the world of alternative investments by introducing innovative credit-based income funds, including the industry’s first non-traded BDC. The firm currently manages three funds with approximately $6.9 billion* in assets. Forbes Magazine ranked Franklin Square 13th on its 2013 list of America’s most Promising Companies. Franklin Square distributes its funds through its affiliated broker-dealer, FS2 Capital Partners, LLC. For more information, please visit www.franklinsquare.com.
* Assets under management as of March 31, 2013.
Liberty Information: Brian Cohen, Liberty Property Trust, 215/568-4100
Liberty Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301
Franklin Square Capital Partners Media Contact: Jami Schlicher, Jennifer Connelly Public Relations, 973/647-0655
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