Liberty Property's Big Blueprint for Phoenix
Liberty Property Trust is now poised for further Phoenix development. (Can they do anything with the Suns roster?) Last week, we sat down with LPT's SVP and city manager John DiVall for the inside scoop.
So far, it's leased half its first spec building at Liberty Center at Rio Salado to Wageworks, and broke ground on a second 150k SF spec office building. John tells us Rio Salado has “turned into as much as anything can be here in Phoenix, a central infill location. We're seeing all the deals coming to the market that are new to the market.”
“We need to be ready for the next development part of the cycle,” John tells us. To that end, Liberty recently acquired 75 acres in Southwest Valley for Liberty Logistics Center II (here), a 1.5M SF planned industrial park. “Corporately, our focus is more on industrial than office.” But, Liberty also is working with the City of Tempe on a planned 100-acre, 1.3M SF corporate complex called Cotton Center. Plus John hints at something even more interesting: He says the firm is pursuing a 100k SF build-to-suit with an unnamed corporate tenant.