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Liberty Property Trust

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Liberty Property Trust
IndustryReal estate investment trust
Founded1972; 52 years ago (1972)
DefunctFebruary 4, 2020; 4 years ago (2020-02-04)
FateAcquired by Prologis
Headquarters
Malvern, Pennsylvania, U.S.
Key people
William P. Hankowsky, Chairman & CEO
Christopher J. Papa, CFO
RevenueIncrease $0.719 million (2017)
Decrease $0.290 million (2017)
Total assetsIncrease $6.439 billion (2017)
Total equityIncrease $3.148 billion (2017)
Number of employees
295 (2017)
Footnotes / references
[1]

Liberty Property Trust was a real estate investment trust that invested in office buildings and industrial properties. As of December 31, 2017, the company owned interests in 461 industrial and 48 office properties comprising 86.0 million square feet.

History

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The company traces its history to Rouse & Associates, which was formed in 1972 by Willard Rouse, George Congdon, David Hammers, and Menard Doswell to develop warehouse space in South Jersey.[2]

In 1974, Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania, which was the first office park to incorporate a graduate college, a business development and training center, and a day care center.[2]

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 to 2007.[3] Elsewhere their UK subsidiary Rouse Kent developed Kings Hill in the United Kingdom.

In 1994, Rouse & Associates changed its name to Liberty Property Trust and became a public company via an initial public offering.[1]

In 1995, the company acquired Lingerfelt Development Corporation in a $125 million transaction.[4]

In 1997, the company acquired 2 portfolios of properties for $130 million.[5]

In 2003, founder and chief executive officer Willard Rouse died from lung cancer.[2]

In 2014, in a joint venture with Comcast, the company began construction of the Comcast Technology Center, which at 1,142 feet (348 m), is the tallest building in the Western Hemisphere outside of Manhattan and Chicago and was designed by Norman Foster, Baron Foster of Thames Bank.[6] The company owns a 20% interest in the project.[1]

In 2016, the company sold a portfolio of 8 properties for $131.1 million,[7] an 8 building portfolio in Herndon, Virginia for $97 million,[8] and a portfolio of 108 properties for $969 million.[9][10]

On February 4, 2020, the company was acquired by Prologis.[11]

References

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  1. ^ a b c "Liberty Property Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c Kostelni, Natalie (May 28, 2003). "Willard Rouse, 60, dies; transformed Phila.'s skyline". American City Business Journals.
  3. ^ Kostelni, Natalie (May 28, 2003). "Willard Rouse, 60, dies; transformed Phila.'s skyline". American City Business Journals.
  4. ^ "LIBERTY PROPERTY ACQUIRES LINGERFELT FOR $125 MILLION". The New York Times. March 7, 1995.
  5. ^ "LIBERTY PROPERTY TRUST ADDING PROPERTIES". The New York Times. Bloomberg News. March 8, 1997.
  6. ^ Kostelni, Natalie (January 15, 2014). "Comcast, Liberty Property to construct new $1.2B skyscraper". American City Business Journals.
  7. ^ Kostelni, Natalie (February 17, 2016). "Local REITs on selling spree". American City Business Journals.
  8. ^ Sernovitz, Daniel J. (August 31, 2016). "MRP makes play near Silver Line's planned Innovation Center station". American City Business Journals.
  9. ^ "Workspace Property Trust closes acquisition on $969 Million portfolio from Liberty Property Trust" (Press release). PR Newswire. October 5, 2016.
  10. ^ Kostelni, Natalie (October 4, 2016). "Liberty Property closes on $1B asset sale". American City Business Journals.
  11. ^ "Prologis Completes $13 Billion Acquisition of Liberty Property Trust" (Press release). PR Newswire. February 4, 2020.
[edit]
    • Historical business data for Liberty Property Trust:
    • SEC filings
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