Wednesday, June 3, 2015

Liberty Property makes another buy in Center City

by Natalie Kostelni staff writer for Philadelphia Business Journal

Liberty Property Trust has acquired a surface lot at 19th and Arch streets in Philadelphia. The property is part of a block the company has been assembling for some time for what many believe will be the site for a third tower for Comcast Corp.

The Malvern, Pa., real estate investment trust paid $2.45 million to buy what is a 10,720-square-foot surface parking lot at 1931-1937 Arch St.

It bought it from a limited liability corporation going under the initials J.H.E., according to Philadelphia property records. The entity has a Cherry Hill, N.J., postal address.
As I reported in February, Liberty (NYSE: LRY) has been buying up this block that is bound by 19th, Arch, Cherry and 20th streets piece by piece over the last year.

In December, Liberty acquired 120-22 N. 19th St., a small two-story building occupied by the Support Center for Child Advocates. The site is on the corner of 19th and Cherry streets and the building is 8,700 square feet.
Liberty has also made a move to buy Russell Byers Charter School at 1911-13 Arch St. The building totals 55,000 square feet. Other properties it has acquired include: 102-18 N. 19th St.; 100 N. 19th St.; and 1919-23 Arch St.
Commercial real estate sources have said that a third Comcast (NASDAQ: CMCSA) tower is in the works and that bidding on the project is in the initial stages.
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