Liberty Property Trust
) have started the development of the Comcast Innovation &
Technology Center after accomplishing the joint venture deals and
the associated agreements for the construction. Comcast has an 80%
stake in this JV while the rest is owned by Liberty.
This 59-story tower in Philadelphia would offer 1.334 million
square feet of rentable office space as well as a 222-room Four
Seasons Hotel. Notably, Comcast has inked a lease deal for around
74% of the office space (982,275 square feet) for a term of 20
This project is estimated to involve costs of approximately $933
million, excluding tenant-financed interior improvements. Of this
amount, $40 million is coming as grants from the Commonwealth of
Pennsylvania and the City of Philadelphia as funding for
infrastructure development and public spaces.
Around $185 million is expected to be Liberty's investment in this
project and it will act as the manager of the joint venture. The
general contractor for the project is L.F. Driscoll and this
project is expected to be accomplished in first-quarter 2018.
Going forward, we believe that the repositioning efforts by Liberty
through strategic acquisitions and JV investments would help the
company ride on the growth trajectory. Specifically, thousands of
jobs and billions of dollars of economic activity are expected to
be created in Philadelphia for this project.
In June, the company bought 5 Class A industrial properties
(spanning 705,365 square feet in total) in Durham, NC. The
buildings, known as Imperial Center, were acquired for $44 million.
Liberty Property Buys Assets; Boosts NC Industrial
This PA-based real estate investment trust (REIT) - Liberty
Property - currently has a Zacks Rank #3 (Hold). However, investors
interested in the REIT industry may consider stocks like
Chatham Lodging Trust
Terreno Realty Corp.
). Both the stocks carry a Zacks Rank #1 (Strong Buy).
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COMCAST CORP A (CMCSA): Free Stock Analysis
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