MALVERN, Pa., Feb. 1, 2013 /PRNewswire/ -- Liberty Property Trust today announced that it will develop a 200,000 square foot, six-story office building for The Vanguard Group at Great Valley Corporate Center in Malvern, PA.
The total project cost is estimated at $55 million. Construction is expected to begin in March of this year, with completion in mid-2014. Vanguard has signed a long-term lease, and was represented by Ron Cariola and Mike Morrone of Jones Lang LaSalle.
The building was designed by D2CA Architects to achieve LEED certification. Studio Bryan Hanes is the landscape architect, and Bala Consulting Engineers is the project engineer.
"Now in its 41st year, Great Valley Corporate Center is one of nation's leading business parks and a major employment center for Greater Philadelphia," said Tom Sklow, vice president and city manager for Liberty. "The park continues to evolve and grow, and just last month became even more accessible with new connections to the Pennsylvania Turnpike."
Liberty began development of Great Valley Corporate Center in 1972. Today companies in the corporate center and surrounding subsequent developments employ approximately 25,000 people.
About Liberty Property Trust
Liberty Property Trust (NYSE: LRY) 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 81 million square foot portfolio includes 680 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants. For more information visit www.libertyproperty.com.
SOURCE Liberty Property Trust