Leases with DriveTime Automotive Group and CARVANA underscore strong demand for office space in Tempe
Phoenix, AZ – October 25, 2016 – Liberty Property Trust today announced that it has executed two new leases, filling its nearly complete 135,663 square foot speculative office building at 1930 West Rio Salado Parkway in Tempe. DriveTime Automotive Group, an existing tenant in 1720 West Rio Salado Parkway at Liberty Center at Rio Salado, will expand into 65,889 square feet of space, while its former subsidiary, CARVANA, will occupy the remaining 69,774 square feet.
"One of the many benefits of developing a park of this size and scope is our ability to accommodate the growth of our tenants," said John DiVall, senior vice president and city manager for Liberty Property Trust. "When DriveTime approached us for more space for anticipated growth of DriveTime and for the immediate growth of CARVANA, we were able to meet their needs on their timetable and were thrilled to do so. Their commitment to expand to such a significant presence in the park is a testament to the quality and location of Liberty Center at Rio Salado."
Liberty completed DriveTime's current 96,000 square foot corporate headquarters at 1720 West Rio Salado Parkway in November 2015. That same month, Liberty broke ground on 1930 West Rio Salado Parkway. Nearing completion, the new two-story building is Liberty's fourth office development at the park. The 1930 West Rio Salado Parkway building will be CARVANA's new corporate headquarters.
"Locating DriveTime's headquarters at Liberty at Rio Salado in Tempe was good for DriveTime's headquarter employees and will be good for CARVANA's 300+ headquarter employees too" said Ernie Garcia, CEO of CARVANA.
Fred Darche of Lee & Associates and Tom Adelson of CBRE represented DriveTime and CARVANA in the transaction. Brad Anderson, Mike Strittmatter and Lauren Anderson of CBRE and Megan Creecy-Herman of Liberty Property Trust represented Liberty in the transaction. RSP Architects is the shell building and tenant improvement architect and Wespac Construction is the shell building and tenant improvement contractor for 1930 West Rio Salado Parkway.
"The park has been extremely well accepted by the business community," said DiVall. "Our initial plan called for a 12-year horizon for development, but at the present rate of absorption, we anticipate it could be completed in as little as half that time."
To-date, Liberty has developed approximately 750,000 square feet of office, and industrial space at Liberty Center at Rio Salado which is now home to nearly 4,000 employees.
About Liberty Center at Rio Salado
In 2012, Liberty Property Trust was selected by the City of Tempe as the developer for the 100 acre site located at Priest Road and Rio Salado Parkway. Liberty Center at Rio Salado is centrally located in the heart of the Phoenix Metropolitan Area, offers unparalleled visibility from Arizona Route 143 and Red Mountain Loop 202, and is within minutes of Sky Harbor International Airport and Arizona State University.
In total, Liberty Center at Rio Salado will offer more than one million square feet of unique LEED® certified office, industrial and flex space. Phase I, which when complete will include an outdoor plaza area, seven office and one industrial building. Phase II, which will be located across Priest Drive, is slated to include a hotel, retail and additional office buildings.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 96 million square foot portfolio includes 566 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.
General Inquiries: John DiVall, Liberty Property Trust, 480.860.3160
Media Contact: Jen Meyer, a.s.a.p.r., 201.914.9957