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| Hotel Planned For Philadelphia Navy Yard |
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PHILADELPHIA – October 12, 2011 – Liberty Property/Synterra L.P. and the Philadelphia Industrial Development Corporation (PIDC), today announced that an agreement has been reached with Ensemble Hotel Partners to develop the first hotel at the Philadelphia Navy Yard. The agreement provides for Ensemble to develop a 168-room hotel located in the Navy Yard Corporate Center. The Courtyard© by Marriott will be developed and owned by Ensemble Hotel Partners in conjunction with Louis A. Cicalese, and managed by Marriott Corporation. “The Philadelphia Navy Yard has become a magnet for forward-thinking companies, and the Navy Yard Corporate Center is being designed and developed to create a true workplace of the future for these companies,” said John Gattuso, senior vice president and regional director for Liberty Property Trust, the developer of the Navy Yard Corporate Center. “The hotel is being designed by Erdy McHenry Architects of Philadelphia. This hotel will not only provide needed amenities for the continued growth of the Navy Yard, through its cutting-edge design it will further the atmosphere of creativity so alive at the Navy Yard today.” “The Navy Yard Corporate Center offers prime opportunity for a high quality hotel,” said Cicalese. “Ensemble and Marriott did a significant feasibility analysis and there’s nothing comparable in the region. Our decision was fortified by the commitment Liberty Property Trust, PIDC, and the City of Philadelphia have made in redeveloping the Philadelphia Navy Yard. We expect a great deal of business from the office park and the surrounding sports and entertainment venues, and we are very excited to get this project underway.” The project is subject to Ensemble completing financing. Ensemble expects to break ground in the spring of 2012 and expects the hotel to open in the second quarter of 2013. Philadelphia Mayor Michael A. Nutter, commenting on the announcement, said, "The Philadelphia Navy Yard has the kind of ongoing economic development we need for the City's future well-being. The driving forces of this project – Liberty, PIDC, and their partners – have a clear, strong visions for the future. Each project brings more jobs to the region and boosts the local economy." “PIDC thanks both Ensemble Hotel Partners and Marriott for their commitment in the Navy Yard Corporate Center,” said John Grady, president, PIDC. “Our thanks also extend to Liberty Property Trust for their continued efforts to establish the Navy Yard as a top tier regional employment center.” The announcement comes on the heels of the groundbreaking for The Iroko Building, also on Diagonal Blvd., and as the steel is rising on the new GlaxoSmithKline building at Five Crescent Drive. About the Philadelphia Navy Yard In 2004, Liberty Property Trust, Synterra Partners and the Philadelphia Industrial Development Corporation led a team that authored the plan for the redevelopment of The Philadelphia Navy Yard. Today, the Philadelphia Navy Yard is home to 115 companies and 8,000 employees. About the Navy Yard Corporate Center The Navy Yard Corporate Center is a master-planned development within the Navy Yard featuring state-of-the-art, sustainable multi-tenant and build-to-suit office space, developed and owned by Liberty Property Trust and Synterra Partners. During the last seven years, Liberty/Synterra has developed seven properties in the Corporate Center, including:
In addition, Liberty/Synterra has developed The Tasty Baking Facility and are developing two flex buildings at its sister park, the Navy Yard Commerce Center. About Liberty Property Trust Headquartered in Malvern, PA, 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 77 million square foot portfolio includes nearly 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants. For more information visit www.libertyproperty.com. About Synterra Synterra Partners is a local real estate development company founded in 1996. The firm has an extensive portfolio of projects that include hotels and resorts, commercial and retail developments both domestic and international. Synterra Partners has earned its extraordinary reputation by working successfully with public and private organizations to create innovative strategies for complex development projects. Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443-944-9301 |