Liberty Takes Class A Florida Office
- Aug 18, 2008
Liberty Property Trust is expanding its portfolio in the Sawgrass International Corporate Park in Sunrise, Fla., with the acquisition of a 107,000-square-foot Class A office building. The REIT bought the building at 13621 NW 12th St. from Real Estate Capital Partners, but did not release the purchase price. The building is fully leased by UnitedHealthcare. Liberty officials said they also lease space to UnitedHealthcare at properties it owns in Maryland, Minnesota and North Carolina. The Malverne, Pa.,-based REIT now owns properties totaling more than 200,000 square feet in the South Florida complex. Liberty owns and operates three other buildings at the 612-acre planned business park. They are: 1301 International Parkway; 13630 NW 8th St. and 13650 NW 8th St. The buildings at 13630 NW 8th St. and 13650 NW 8th St. are both listed on the Liberty Web site as one-story, medical office buildings with 24,732 square feet of space and 30,093 square feet of space respectively. Liberty has owned 1301 International Parkway, a five-story office building with about 140,000 square feet of space, since 2006, according to various news reports. Sawgrass International Corporate Park is located at the intersection of Interstate-75, Interstate-595, the Sawgrass Expressway and near both the Fort Lauderdale International Airport and the Miami International Airport. The business park provides office, flex and light-industrial space and features, hotels, restaurants, childcare and fitness centers and retail. Liberty has a 75 million-square-foot portfolio of office and industrial properties in the United States and the United Kingdom. Earlier this summer, CPN reported that Liberty and a development partner opened the doors of the $850 million Comcast Center in Philadelphia. The nearly 1.3 million-square-foot, 58-story tower is a joint venture between Liberty and Commerz Leasing und Immobilien. Comcast occupies about 90 percent of the skyscraper that has retail tenants on the plaza level, including Godiva Chocolatier and Table 31 Steakhouse Bistro. Based in New York City, Real Estate Capital Partners is a real estate investment advisor that has invested about $8 billion in U.S. real estate on behalf of high net-worth individuals and European institutions. Last month, Real Estate Capital Partners, Urban Partner L.L.C. and Blackstone Real Estate Advisors received$167 million in funding to develop University Gateway, an upscale mixed-use student housing development across from the University of Southern California in Los Angeles, according to a July 25 CPN article.