MALVERN, PA-Liberty Property Trust will develop a 200,000-square-foot office building for The Vanguard Group at its Great Valley Corporate Center here, the real estate company announced today.
Construction of the $55 million building is to begin next month, with completion in mid-2014.
The mutual funds company Vanguard signed a long-term lease for the six-story structure. Vanguard was represented by Ron Cariola and Mike Morrone of Jones Lang LaSalle in the deal.
The building has been designed by D2CA Architects to achieve LEED certification from the U.S. Building Council.
“Great Valley Corporate Center is one of nation’s leading business parks and a major employment center for Greater Philadelphia,” said Tom Sklow, a vice-president of Liberty, which began developing the center in 1972. The office park continues to evolve and grow, he said, and noted it gained new accessibility last month when additional connections to the Pennsylvania Turnpike were completed.
Companies in the corporate center and developments around it employ about 25,000 people, said Sklow.