Liberty Splits $95M Development Pipeline Between Spec and Build-to-Suits

Among the largest of properties under development is a 123,000-sf office building adjacent to Vanguard Group's Northsight Boulevard Campus in Scottsdale, AZ. The building is fully leased to Vanguard for 10 years. Valley Forge-based Vanguard, which has assets of more than $800 billion in US mutual funds, is Liberty's largest tenant. It occupies almost one million sf of office space in the REIT's suburban Philadelphia portfolio.

A 120,000-sf build-to-suit distribution facility is under way in Greenville, SC for Germany-based Bosch Rexroth, a global supplier of hydraulics. Liberty is also building a 29,000-sf office building in Greenville, which Jeanne Leonard, VP of investor relations, tells GlobeSt.com is a spec property, as are the three other properties currently under development, she says.

Of those, two are in Pennsylvania. They are a 110,000-sf office property in Newtown and a 75,000-sf office building at Stabler Corporate Center in the Lehigh Valley. In addition, a 55,000-sf office building is under development at Kings Hill in West Malling in the UK.