PHILADELPHIA-Liberty Property Trust and Synterra Partners just started work here on two flex buildings in the Navy Yard. The buildings, to total 103,137 square feet, are located at 4000 and 4050 S. 26th St.
Liberty already has a lease commitment for one of the properties. The Fretz Corp., an appliance distributor of such brands as Scotsman, Sub-Zero and Wolf, signed a 22,391-square-foot lease at the 4050 building.
As part of the project, Liberty and Synterra completed $25 million of infrastructure improvements in the area. Additionally, the City of Philadelphia, using funds from the Recovery Zone Utility Bonds, is contributing $16 million to the project.
Liberty and Synterra are building a total of 1.5 million square feet, known as the Navy Yard Corporate Center, at a cost of $300 million. So far the two firms have built a total of 250,000 square feet.
Probably the best-known tenant in the Yard is Urban Outfitters, which moved its headquarters there in 2006. Tasty Baking Co., the maker of the famous Tastykake snacks, moved its headquarters to the Navy Yard in 2009.
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