Liberty Property Trust & Synterra Partners Break Ground on a Fully Pre-Leased Flex Building in The Navy Yard Commerce Center

  Liberty Property Trust & Synterra Partners Break Ground on a Fully
  Pre-Leased Flex Building in The Navy Yard Commerce Center

  75,000 square foot building attracts three international tenants, driving
                      demand for the next flex building

Business Wire

PHILADELPHIA -- April 25, 2014

Liberty Property Trust, which owns and manages more than 16 million square
feet of office, flex and industrial space in the Greater Philadelphia region,
together with its joint venture partner Synterra Partners, broke ground today
on its third Class A flex building in The Navy Yard Commerce Center (and its
fifth flex building at The Navy Yard). The 75,000 square foot building located
at 4000 S. 26^th Street is 100% pre-leased and will be home to three
international tenants when it is completed this December. Liberty/Synterra is
investing approximately $13 million in the project. The building completes the
development of the 40-acre Navy Yard Commerce Center, located on the western
side of The Navy Yard, which at full build-out will include approximately
525,000 square feet, 100% leased to nine tenants anchored by Tasty Baking
Company.

“We are excited to announce that prior to putting a shovel into the ground,
this new building is 100% pre-leased,” said Brian Cohen, Liberty Property
Trust Vice President and City Manager, at today’s ceremony. “The appeal for
high quality flex space centrally located in the region continues to attract
new companies to The Navy Yard, in this case from as far as China, Australia
and the United Kingdom. With all five flex buildings in The Navy Yard at
capacity, we will continue to meet this growing demand with plans already
underway for our sixth flex building.”

That sixth flex building is planned for 4701 League Island Blvd, and will be
the third flex building located in the Mustin Park district of The Navy Yard.
4701 League Island Blvd will total approximately 75,000 square feet and will
incorporate a highly designed brick and glass façade, a minimum of 20’ clear
heights, and loading capabilities. Design is currently underway and the
building could break ground as early as October 2014.

Tenants from China, Australia & England to Fill 4000 S. 26^th Street at
Opening

WuXi AppTec, Inc., a long term Liberty/Synterra tenant headquartered in China,
will expand its presence into approximately 45,000 square feet of the
building, bringing its total space with Liberty/Synterra in The Navy Yard to
130,000 square feet. The company was Liberty’s first tenant in The Navy Yard,
breaking ground on a 75,000 square foot building in 2003. WuXi AppTec, a New
York Stock Exchange-traded company of more than 7,000 employees, will
manufacture cutting-edge cell therapies for its pharmaceutical and
biotechnology clients to treat cancers and other devastating diseases. The new
state-of the art GMP manufacturing facilities will allow WuXi to better serve
its clients’ growing clinical and commercial manufacturing needs and bring
important therapies to patients.

“We are thrilled to join with our partners to break ground on this incredible
new flex space at The Navy Yard,” said John Grady, President of PIDC. “A
dynamic, vibrant, and growing campus, The Navy Yard continues to attract
global companies to Philadelphia. This new building will add to the variety of
unique and flexible spaces that can accommodate growth and expansion. We are
pleased to support these three companies’ expansions, and we welcome them to
The Navy Yard.”

EcoSave, based in Australia, will occupy approximately 20,000 square feet in
the new building. The company offers services to reduce energy and water
consumption through building upgrades and ongoing Energy Management services.

Clinigen, globally headquartered in the United Kingdom, will occupy
approximately 10,000 square feet in the new building. Clinigen is a specialty
global pharmaceuticals and services business, dedicated to serving patients,
the medical community and the healthcare industry to supply critical life
saving treatments. Both EcoSave and Clinigen will use this new location for
its U.S. headquarters operations.

“This exciting news is yet another expression of economic confidence in our
great city, which is increasingly grabbing national and international
attention,” said Mayor Michael A. Nutter. “I’ve had the opportunity to travel
to places like London, Israel, China and Italy to promote our city as a
world-class destination for business, and I can say with a great deal of
confidence that selling Philadelphia is no longer a tough job. People want to
work and live here. The City of Philadelphia – and especially The Navy Yard –
is attracting investment, developers, and businesses which continue to add new
options to our already vibrant and diverse city.”

About Liberty Property Trust

Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate,
serving customers in the United States and United Kingdom through the
development, acquisition, ownership and management of superior office and
industrial properties. Liberty's 101 million square foot portfolio includes
more than 700 properties which provide office, distribution and light
manufacturing facilities to 1,800 tenants.

About Synterra

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 PIDC

Founded in 1958 as a non-profit joint venture between the City of Philadelphia
and the Greater Philadelphia Chamber of Commerce, PIDC is Philadelphia’s
city-wide economic development corporation. With a mission to attract
investment and new jobs to the City, PIDC plans and implements financing and
real estate transactions throughout all neighborhoods of Philadelphia. Over
the last 56 years, PIDC has invested more than $11.7 billion of financing and
more than 3,000 acres of land sales – which has leveraged over $21 billion in
total investment and assisted in retaining and creating hundreds of thousands
of jobs in Philadelphia. 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. For more
information, visit www.pidc-pa.org.

About The Navy Yard

The Navy Yard is a 1,200 acre, dynamic urban development, offering the
Philadelphia region a unique and centrally-located waterfront business campus
committed to smart energy innovation and sustainability. The Navy Yard is home
to more than 11,000 employees and 143 companies 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
high-performance and LEED certified construction. For more information, visit
www.navyyard.org.

Contact:

General Inquiries:
Liberty Property Trust
Brian Cohen, 215-568-4100
or
Media Contact:
a.s.a.p.r.
Jen Meyer, 201-914-9957
 
Press spacebar to pause and continue. Press esc to stop.