Liberty Property Trust to sell most of Great Valley Corporate Center in $1B deal
Liberty Property Trust is under agreement to sell most of the Great Valley Corporate Center in Malvern to Horsham-based Workspace Property Trust as part of a $969-million transaction involving 108 properties in four states.
Liberty Property Trust is under agreement to sell most of the Great Valley Corporate Center in Malvern to Horsham-based Workspace Property Trust as part of a $969-million transaction involving 108 properties in four states.
The transaction includes all of the Malvern business park, outside of its own headquarters building and the offices that Liberty leases to the Vanguard Group, spokeswoman Jeanne Leonard said Monday.
Liberty is also retaining 280,000 square feet of office space at Great Valley that it plans to redevelop, Leonard said.
Also included in the transaction, expected to close before the end of September, are properties in Arizona, Florida and Minnesota, Liberty said in a release. The properties were 89 percent leased as of June 30, 2016, the company said.
Workspace is to acquire the properties in concert with Safanad Ltd., a New York-based global investment firm, Liberty said.
Workspace, led by former Mack-Cali Realty Corp. chief executive Thomas Rizk, bought the 41-building Pennsylvania Business Campus in Horsham office park from Liberty in December.
Aside from the Great Valley properties retained by Liberty, the company's only remaining suburban Pennsylvania holdings are in King of Prussia, Leonard said.
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