Liberty Property Trust Takes 1100 17th for $50M

WASHINGTON, DC-Liberty Property Trust has acquired 1100 17th Street NW, for $50 million or $340 per square foot. The 146,472-square foot, 12-story building is a value-add play for the REIT, with an 82% occupancy rate and a development date that is more than 45 years old. The property was developed in 1963 and was renovated in 1998. 

Still, the building’s location, in the heart of the city’s central business district, cannot be beat, says Michael Jones, vice president and city manager for Liberty's Washington/Northern Virginia operation, in a prepared statement. "In the short term, our plan for this property is to add immediate value through incremental leasing. Our long-term strategy is to undertake redevelopment at some future date to create a class A property more commensurate with its class A location." Liberty was unable to return a call to GlobeSt.com in time for publication.
Headquartered in Malvern, PA, Liberty Property Trust has a significant presence in the greater DC area. It manages approximately 2.7 million square feet of office space here, counting among its holdings The Liberty Building at 1129 20th Street, NW, and The Republic Building at 1425 New York Avenue, NW. In Northern Virginia it owns Pender Business Park, WillowWood Plaza, Presidents Park, Republic Park and Lakeside I and II at Westfields Corporate Center.

Elsewhere in the region, the REIT has been reshuffling assets in its portfolio. Earlier this year in Richmond  it sold 14 assets for $97 million. The office and flex properties, which totaled 918,889 square feet of space, were purchased by Lingerfelt Development.

The sale was part of the REIT’s long-standing strategy of decreasing its presence in suburban office markets with the goal of expanding in other industrial markets and properties, SVP and CIO Mike Hagan told GlobeSt.com at the time.