Liberty Property Trust plans to sell off all its remaining suburban office inventory, much of it in the Philadelphia area, before the end of this year and to reinvest the proceeds into its growing portfolio of warehouses and distribution centers.
The company aims to generate between $600 million and $800 million from the sale of the buildings, Liberty chief executive William P. Hankowsky said Tuesday during a conference call with analysts.
Buildings targeted for sale include the 1 million square feet that it leases to the Vanguard Group in Malvern, one of the few properties in the Great Valley Corporate Center business park that it largely sold off in 2016, Hankowsky said.
Also for sale is Liberty’s own current 500 Chesterfield Parkway headquarters in the Great Valley complex, with the company moving to another property it owns at 650 E. Swedesford Rd. in Tredyffrin Township later this year, Liberty spokeswoman Jeanne Leonard said in an email.
The sales will leave Liberty with office holdings only in central Philadelphia, where it is building the Comcast Technology Center and is the main landlord in newly developed portions of the Navy Yard, Hankowsky said. It also has office property in Washington, D.C.