HERNDON, Va., Dec. 12, 2011 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) has acquired 1100 17th Street NW, a 146,472 square foot office building located in Washington, D.C., for approximately $50 million, or approximately $340 per square foot.
The 12-story property was developed in 1963 and underwent substantial renovation in 1998. It is located in the heart of Washington's central business district, three blocks from the White House, and is in close proximity to multiple Metro stations. It is currently 82% leased.
"Due to its outstanding location, 1100 17th Street NW is a property with enormous untapped potential," said Michael Jones, vice president and city manager for Liberty's Washington/Northern Virginia operation. "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 has an interest in and manages approximately 2.7 million square feet of office space in Washington and Northern Virginia. In addition to 1100 17th Street NW, Liberty's holdings in the District of Columbia include The Liberty Building at 1129 20th Street, NW - a LEED Gold office building - and The Republic Building at 1425 New York Avenue, NW. Significant Northern Virginia office park holdings include Pender Business Park and WillowWood Plaza (both in Fairfax), Presidents Park and Republic Park (both in Herndon) and Lakeside I and II at Westfields Corporate Center (in Chantilly.)
About the Company
Liberty Property Trust (NYSE: LRY) 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 78 million square foot portfolio includes nearly 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE: Liberty Property Trust
CONTACT: Jeanne A. Leonard, Liberty Property Trust, +1-610-648-1704