LIBERTY PROPERTY TRUST & SYNTERRA PARTNERS BREAK GROUND ON A FULLY PRE-LEASED FLEX BUILDING IN THE NAVY YARD COMMERCE CENTER
PIDC / Blogs / LIBERTY PROPERTY TRUST & SYNTERRA PARTNERS BREAK GROUND ON A FULLY PRE-LEASED FLEX BUILDING IN THE NAVY YARD COMMERCE CENTER
by PIDCphila May 8, 2014
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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 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. 26th 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.”
Liberty Property Trust, Synterra Partners, PIDC, Clinigen, EcoSave, Wuxi Apptec, and the City of Philadelphia at the groundbreaking ceremony for 4000 S. 26th Street at The Navy Yard
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.
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.
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THIRD PARTY SOFTWARE/SERVICE
While using the Service we may be using third party software and/or service for various needs, inter alia, in order to collect and/or process the information detailed herein (the “Third Party Service Provider”). Note that these are independent software and/or service providers and we do not take any liability about the information collection policies of these providers, or about any kind of issue, legal or otherwise, relating thereto. Third Party Service Provider’s includes the following:
Facebook, which privacy policy is available at https://www.facebook.com/about/privacy/ (for purposes of FB Connect and use of developer tools such as FB Analytics offered by FB via the FB SDK)
Token Transit, which privacy policy is available here.
We may also provide additional transit-related services, including on-demand transit services, provided by its third party operational service partners (as they may evolve from time to time at our discretion). Such third party providers’ services include Gett, Uber and any other party, all of which are subject to a respective terms of use and privacy policies.
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DIRECT MARKETING
You hereby agree that we may use your contact details for the purpose of informing you regarding our products and Service, which may interest you, and to send to you other marketing material, transmitted to the email address or to the mobile device. You may withdraw your consent contacting us at: . We may also permit, solicit or contract certain authorized partners of PIDC to conduct advertising campaigns on the Services. In addition, PIDC may display advertisements via the Service. Such advertisements that you see when accessing the Service may be targeted on the basis of your geographic location and language. It is clarified that PIDC is not responsible for the content of said advertisements and the products delivered or services rendered thereby by third parties and you irrevocably and unconditionally agree that we shall not be held responsible or liable in connection thereof.
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We take a great care in implementing and maintaining the security of PIDC’s Service and its User’s Personal Information. PIDC employs industry standard procedures and policies to ensure the safety of its Users’ Personal Information, and prevent unauthorized use of any such information. We cannot, however, guarantee that unauthorized access will never occur.
CHANGES TO THE PRIVACY POLICY
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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 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. 26th 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.
