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Old Posted Aug 14, 2017, 2:40 PM
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Liberty Property adds to holdings near Comcast buildings

Liberty Property Trust has expanded its Center City holdings and picked up two more properties that sit in the shadow of the looming Comcast Technology Center that is under construction at 18th and Arch streets in Philadelphia.

The Malvern real estate investment trust closed last month on 1926-34 Arch St., a four-story, 52,104-square-foot office building, and 1936 Arch, which is an adjacent surface parking lot that totals 6,000 square feet. The properties are across the street from an assemblage of nearly a block bound by Arch, 19th, Cherry and 20th streets that Liberty has pieced together over the last four years.

The latest buy is strategic and geared toward future development presumably for Comcast.

“We have accumulated additional properties and this gives us some additional flexibility and optionality for when we decide to develop west of 1800 Arch St.,” said John Gattuso, senior vice president and regional director at Liberty Property.

The building and lot were sold for $15 million, according Philadelphia property records. The office building at 1926-34 Arch is fully occupied and Liberty will continue to operate it as such, Gattuso said.

The real estate company continues to seek out acquisitions around that part of Center City where Comcast makes its headquarters and occupies space in various office buildings in that neighborhood including Two and Three Logan Square. The Comcast Technology Center is expected to be completed by early 2018. Liberty Property (NYSE: LPT) is developing the new tower, which will stand 60 stories and have a total of 1.7 million square feet of space. Of that, 1.33 million square feet will be office space and Comcast has committed to all of it.
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