Liberty Property Trust
|This article does not cite any references or sources. (March 2012)|
|Type||Public (NYSE: LRY)|
|Industry||Real estate development
|Founded||1972 in Philadelphia, Pennsylvania, USA|
|Headquarters||Malvern, Pennsylvania, USA|
|Key people||William P. Hankowsky
Chairman, President & Chief Executive Officer
|Products||Comcast Center, Liberty Place|
|Revenue||$666,720,000 USD (2006)|
|Net income||$266,574,000 USD (2006)|
Liberty Property Trust, based in Malvern, Pennsylvania, USA is a real estate investment trust. Liberty Property Trust owns over 65,000,000 square feet (6,000,000 m2) of office and industrial space in 20 markets throughout the United States and the United Kingdom (as of September 30, 2006[update]).
Liberty Property Trust’s predecessor company, Rouse & Associates, was formed in 1972 by Willard G. Rouse III, George Congdon, David Hammers and Menard Doswell, to develop warehouse space in southern New Jersey. Rouse & Associates opened an office in Jacksonville, Florida two years later.
In 1974 Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania. This property was the first office park to incorporate a graduate college, a business development and training center, and a day care center. GVCC has grown to include over four million square feet of office space, and remains a part of Liberty Property Trust's portfolio to this day.
Between 1974 and 1994, Rouse & Associates expanded into many new markets, including the Baltimore/Washington Corridor, the Lehigh Valley, the United Kingdom, and the Piedmont Triad. In 1987 Rouse & Associates opened One Liberty Place, the first skyscraper in Philadelphia to be taller than Philadelphia City Hall, and the tallest building in Pennsylvania from 1987-2007.
In 1994, Rouse & Associates becomes a real estate investment trust and changed its name to Liberty Property Trust. Rouse remained the chief executive officer of Liberty Property Trust until his death from cancer in 2003.
Liberty's most recent development is the Comcast Center in Philadelphia. At 975 feet (297 m), it is presently Pennsylvania's tallest building.
On February 19, 2003, the company would develop a 70-acre, nine-building office park just east of the main gate, in a joint venture with Synterra Partners of Philadelphia. On May 29, 2003, the annual shareholders meeting of Liberty Property Trust was held as scheduled despite the death of the company's founder, Willard G. Rouse III. He died of lung cancer at age 60.
- "Liberty plans 70-acre office park and more".
- "At Liberty Property, gains and a big loss; The CEO cited highlights and remembered founder Willard G. Rouse III at the annual meeting.".