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Liberty Property Trust, a Pennsylvania REIT, has announced plans to sell 108 properties—roughly $1B in assets—to Workspace Property Trust.
The assets include the majority of Great Valley Corporate Center in Malvern, a 5M SF office and R&D campus on 700 acres—though the deal will not include Liberty’s 280k SF of office space in Great Valley.
The transaction is expected to close before September and the deal includes properties throughout Arizona, Florida and Minnesota—all 89% leased as of June 30, Philly.com reports. Once Great Valley is sold off, Liberty’s only remaining suburban holding in Pennsylvania will be King of Prussia, a community in Montgomery County. [Philly.com]
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