Liberty Property Trust
Encyclopedia
Liberty Property Trust , based in Malvern, Pennsylvania
, USA is a real estate investment trust
. Liberty Property Trust owns over 65000000 square feet (6,038,697.6 m²) of office and industrial space in 20 markets throughout the United States and the United Kingdom (as of 9/30/06).
, George Congdon, David Hammers and Menard Doswell, to develop warehouse space in southern New Jersey. Rouse & Associates opened an office in Jacksonville, Florida
two years later.
In 1974 Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania. This property was the first office park to incorporate a graduate college, a business development and training center, and a day care center. GVCC has grown to include over four million square feet of office space, and remains a part of Liberty Property Trust's portofolio to this day.
Between 1974 and 1994, Rouse & Associates expanded into many new markets, including the Baltimore/Washington Corridor, the Lehigh Valley
, the United Kingdom
, and the Piedmont Triad
. In 1987 Rouse & Associates opened One Liberty Place, the first skyscraper in Philadelphia to be taller than Philadelphia City Hall
, and the tallest building in Pennsylvania from 1987-2007.
In 1994, Rouse & Associates becomes a real estate investment trust and changed its name to Liberty Property Trust. Rouse remained the chief executive officer of Liberty Property Trust until his death from cancer
in 2003.
Liberty's most recent development is the Comcast Center
in Philadelphia. At 975 feet (297 m), it is presently Pennsylvania's tallest building.
Malvern, Pennsylvania
Malvern is a borough in Chester County, Pennsylvania, United States. The population was 2,998 at the 2010 census. The main road through the borough is King Street, although the borough is also bordered by Paoli Pike on the south, and is near US 30 on the north. The primary cross street is Warren...
, USA is a real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
. Liberty Property Trust owns over 65000000 square feet (6,038,697.6 m²) of office and industrial space in 20 markets throughout the United States and the United Kingdom (as of 9/30/06).
History
Liberty Property Trust’s predecessor company, Rouse & Associates, was formed in 1972 by Willard G. Rouse IIIWillard Rouse
Willard G. Rouse III was an American real estate developer.Rouse was the developer of One Liberty Place, designed by Helmut Jahn, the first structure in Philadelphia to exceed the traditional height limitation established by the top of the statue of William Penn atop Philadelphia City Hall...
, George Congdon, David Hammers and Menard Doswell, to develop warehouse space in southern New Jersey. Rouse & Associates opened an office in Jacksonville, Florida
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
two years later.
In 1974 Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania. This property was the first office park to incorporate a graduate college, a business development and training center, and a day care center. GVCC has grown to include over four million square feet of office space, and remains a part of Liberty Property Trust's portofolio to this day.
Between 1974 and 1994, Rouse & Associates expanded into many new markets, including the Baltimore/Washington Corridor, the Lehigh Valley
Lehigh Valley
The Lehigh Valley, known officially by the United States Census Bureau as the Allentown-Bethlehem-Easton, PA-NJ metropolitan area and referred to locally as The Valley and A-B-E, is a metropolitan region consisting of Lehigh, Northampton, Berks, and Carbon counties in eastern Pennsylvania and...
, the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and the Piedmont Triad
Piedmont Triad
The Piedmont Triad, or Triad, is a north-central region of the U.S. state of North Carolina that consists of the area within and surrounding the three major cities of Greensboro, Winston-Salem, and High Point. This close group or "triad" of cities lies in the Piedmont geographical region of the...
. In 1987 Rouse & Associates opened One Liberty Place, the first skyscraper in Philadelphia to be taller than Philadelphia City Hall
Philadelphia City Hall
Philadelphia City Hall is the house of government for the city of Philadelphia, Pennsylvania. At , including the statue, it is the world's second-tallest masonry building, only shorter than Mole Antonelliana in Turin...
, and the tallest building in Pennsylvania from 1987-2007.
In 1994, Rouse & Associates becomes a real estate investment trust and changed its name to Liberty Property Trust. Rouse remained the chief executive officer of Liberty Property Trust until his death from cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
in 2003.
Liberty's most recent development is the Comcast Center
Comcast Center (office building)
Comcast Center is a skyscraper in Center City, Philadelphia, Pennsylvania. The 58-story, tower is the tallest building in Philadelphia and the fifteenth tallest building in the United States. Originally called One Pennsylvania Plaza when the building was first announced in 2001, the Comcast Center...
in Philadelphia. At 975 feet (297 m), it is presently Pennsylvania's tallest building.