Liberty Property Trust ( LRY ) and Comcast Corporation ( CMCSA ) have collaborated to build a 59-story, 1,121-foot tower in Philadelphia. This tower - Comcast Innovation and Technology Center - will be constructed adjacent to the existing Comcast Center and is expected to be the nation's tallest building outside New York and Chicago.
The joint venture, in which Comcast has an 80% stake and the rest is owned by Liberty, will develop this tower with an investment of $1.2 billion. The property will be managed by Liberty. Designed by Lord Norman Foster, the tower will be developed on the 1800 block of Arch Street in Center City Philadelphia and will include a Four Seasons Hotel. It will also be occupied by the local broadcast television stations NBC 10/WCAU and Telemundo 62/WWSI.
The construction will start this summer and is projected to be accomplished in the fall of 2017. An initial lease would be executed by Comcast for a term of 20 years for at least 75% of the rentable office space or 957,000 square feet. Encouragingly, thousands of jobs and billions of dollars of economic activity are expected to be created in Philadelphia for this project.
As a matter of fact, Liberty Property is boosting its portfolio base through the repositioning program. Recently, the company reaped $367.7 million as proceeds by selling 49 properties aggregating around four million square feet of space and 140 acres of land.
These 49 properties are among the 97 properties that the company had earlier disclosed of selling. The sale of the remaining assets is slated to be accomplished by late Jan 2014. This remaining disposition is expected to fetch $329.6 million as proceeds.
Going forward, we believe that the repositioning efforts by Liberty through strategic acquisitions, JV investments and dispositions would help the company ride on the growth trajectory. While the dispositions result in a near-term drag to profitability, we believe these provide the wherewithal to be invested in acquiring and developing premium assets that go a long way in enhancing the top line.
This Pa.-based real estate investment trust (REIT) - Liberty Property - currently has a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like Getty Realty Corp. ( GTY ) and Pebblebrook Hotel Trust ( PEB ). Both these stocks carry a Zacks Rank #1 (Strong Buy).
COMCAST CORP A (CMCSA): Free Stock Analysis Report
GETTY REALTY CP (GTY): Free Stock Analysis Report
LIBERTY PPTY TR (LRY): Free Stock Analysis Report
Read more:
Liberty-Comcast JV to Build Philly Tower - Analyst Blog
- Grateful Dead Liberty Video [Last Updated On: April 1st, 2011] [Originally Added On: April 1st, 2011]
- Brian May, Joe Satriani, Steve Vai - Liberty [Last Updated On: April 1st, 2011] [Originally Added On: April 1st, 2011]
- New York City's Statue of Liberty - 2 Minute Tour [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Ayn Rand - Liberty vs Socialism [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Jordan Page "Liberty" (Acoustic Version) [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- Interview - Naomi Wolf - Give Me Liberty [Last Updated On: May 20th, 2011] [Originally Added On: May 20th, 2011]
- For Liberty Trailer - Let It Not Be Said We Did Nothing [Last Updated On: May 22nd, 2011] [Originally Added On: May 22nd, 2011]
- Gene Pitney - (The Man Who Shot) Liiberty Valance [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Heavenly - Liberty [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Patriotic Tribute to our Military-Song-"Liberty"-Ronnie Kimball-FREE DOWNLOAD@www.ReachHigher.com [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- The Time for Liberty [Last Updated On: May 30th, 2011] [Originally Added On: May 30th, 2011]
- Liberty and Economics [Last Updated On: June 1st, 2011] [Originally Added On: June 1st, 2011]
- StarCraft II: Wings of Liberty - Cinematic Trailer [Last Updated On: June 2nd, 2011] [Originally Added On: June 2nd, 2011]
- 10 - Liberty [Last Updated On: June 9th, 2011] [Originally Added On: June 9th, 2011]
- andiamo! - Royal Caribbean's Liberty of the Seas [Last Updated On: June 16th, 2011] [Originally Added On: June 16th, 2011]
- Stratovarius - Liberty [Last Updated On: June 20th, 2011] [Originally Added On: June 20th, 2011]
- Heavy Rain in Liberty City: Episode 1 (Grand Theft Auto IV Machinima) [Last Updated On: June 21st, 2011] [Originally Added On: June 21st, 2011]
- Kelly Jones - Liberty [Last Updated On: June 29th, 2011] [Originally Added On: June 29th, 2011]
- John Adams. Liberty will reign. [Last Updated On: July 22nd, 2011] [Originally Added On: July 22nd, 2011]
- For Liberty Re-cut - Ron Paul 2012 Handout DVD HD [Last Updated On: August 25th, 2011] [Originally Added On: August 25th, 2011]
- The Philosophy of Liberty: Property [Last Updated On: September 7th, 2011] [Originally Added On: September 7th, 2011]
- Ron Paul on Liberty Dollar Raid [Last Updated On: September 24th, 2011] [Originally Added On: September 24th, 2011]
- Freedom and Liberty - Funeral Dress [Last Updated On: September 25th, 2011] [Originally Added On: September 25th, 2011]
- Liberty X - Just A Little [Last Updated On: September 25th, 2011] [Originally Added On: September 25th, 2011]
- Review: The "Liberty I" Ultra Compact Compound Bow vs. "Razor Edge" and "Slingbow" [Last Updated On: September 30th, 2011] [Originally Added On: September 30th, 2011]
- Patrick Henry - Give me Liberty or give me Death [Last Updated On: October 2nd, 2011] [Originally Added On: October 2nd, 2011]
- Lambo Quad by Liberty Walk [Last Updated On: October 3rd, 2011] [Originally Added On: October 3rd, 2011]
- Got Liberty? [Last Updated On: October 5th, 2011] [Originally Added On: October 5th, 2011]
- David Copperfield - Vanishing the Statue of Liberty [Last Updated On: October 6th, 2011] [Originally Added On: October 6th, 2011]
- The Philosophy of Liberty: Plunder [Last Updated On: October 6th, 2011] [Originally Added On: October 6th, 2011]
- China 9 Liberty 37 [Last Updated On: October 9th, 2011] [Originally Added On: October 9th, 2011]
- GTA Liberty City Stories Theme Song - Dark March - Video [Last Updated On: October 13th, 2011] [Originally Added On: October 13th, 2011]
- Pentagon Reports Army Mascot 'Liberty' Killed in Iraq - Video [Last Updated On: October 15th, 2011] [Originally Added On: October 15th, 2011]
- Son's of Liberty - Video [Last Updated On: October 17th, 2011] [Originally Added On: October 17th, 2011]
- Liberty`s Kids: #05 "Midnight Ride" (1/2) - Video [Last Updated On: October 17th, 2011] [Originally Added On: October 17th, 2011]
- The Philosophy of Liberty - Video [Last Updated On: October 19th, 2011] [Originally Added On: October 19th, 2011]
- StarCraft II: Wings of Liberty - Protoss Gameplay Video - Video [Last Updated On: October 19th, 2011] [Originally Added On: October 19th, 2011]
- Steve Vai - Liberty - Video [Last Updated On: October 20th, 2011] [Originally Added On: October 20th, 2011]
- Duran Duran - Serious - Video [Last Updated On: October 21st, 2011] [Originally Added On: October 21st, 2011]
- I Pledge to Join Young Americans for Liberty - Video [Last Updated On: October 23rd, 2011] [Originally Added On: October 23rd, 2011]
- Grave Digger : Liberty Or Death - Video [Last Updated On: October 25th, 2011] [Originally Added On: October 25th, 2011]
- GTA IV: Liberty Suburbs (Grand Theft Auto in Real Life) - Video [Last Updated On: October 27th, 2011] [Originally Added On: October 27th, 2011]
- Occupy My Life (Marriage Proposal at Liberty Plaza) - Video [Last Updated On: October 27th, 2011] [Originally Added On: October 27th, 2011]
- Give me liberty or give me DEATH! - Video [Last Updated On: October 29th, 2011] [Originally Added On: October 29th, 2011]
- Walter E Williams - Economics of Liberty - Video [Last Updated On: November 4th, 2011] [Originally Added On: November 4th, 2011]
- Ron Paul 2012: In Defense of Liberty - Video [Last Updated On: November 6th, 2011] [Originally Added On: November 6th, 2011]
- Heavy Rain in Liberty City: Episode 2 (Grand Theft Auto IV Machinima) - Video [Last Updated On: November 13th, 2011] [Originally Added On: November 13th, 2011]
- The Levellers - Liberty Song - Video [Last Updated On: November 15th, 2011] [Originally Added On: November 15th, 2011]
- Time Out's guide to Harrods, Liberty, LN-CC and Coco de Mer - Video [Last Updated On: November 24th, 2011] [Originally Added On: November 24th, 2011]
- Liberty`s Kids: #01 "The Boston Tea Party" (2/2) - Video [Last Updated On: December 3rd, 2011] [Originally Added On: December 3rd, 2011]
- Mr. Smith Goes to Washington - "Liberty is too Precious a thing to be buried in books" - Video [Last Updated On: December 14th, 2011] [Originally Added On: December 14th, 2011]
- Chasing Liberty - Video [Last Updated On: December 19th, 2011] [Originally Added On: December 19th, 2011]
- Liberty X - Just A Little - Video [Last Updated On: December 27th, 2011] [Originally Added On: December 27th, 2011]
- Steve Vai, Brian May [Last Updated On: January 7th, 2012] [Originally Added On: January 7th, 2012]
- Madness - The Liberty Of Norton Folgate (Moodboard) - Video [Last Updated On: January 13th, 2012] [Originally Added On: January 13th, 2012]
- The (Expanded) Philosophy of Liberty - Video [Last Updated On: January 23rd, 2012] [Originally Added On: January 23rd, 2012]
- Liberty - Prototype - Video [Last Updated On: January 23rd, 2012] [Originally Added On: January 23rd, 2012]
- Miley Cyrus Rock Mafia - IT'S A LIBERTY WALK! - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- USS Liberty Dead in the Water (Full Movie) Americans Murdered by Israel - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- Madness - The Liberty of Norton Folgate Live - Video [Last Updated On: January 24th, 2012] [Originally Added On: January 24th, 2012]
- Miley Cyrus- Liberty Walk (Lyrics on screen + HQ) [Full] - Video [Last Updated On: January 27th, 2012] [Originally Added On: January 27th, 2012]
- Liberty wins NCWA National Duals [Last Updated On: January 29th, 2012] [Originally Added On: January 29th, 2012]
- Government steps up Jeep Liberty air bag probe [Last Updated On: January 30th, 2012] [Originally Added On: January 30th, 2012]
- U.S. regulators upgrade Jeep Liberty airbag probe [Last Updated On: January 30th, 2012] [Originally Added On: January 30th, 2012]
- Alleged squatters caught in soldier's Liberty Co. home [Last Updated On: January 31st, 2012] [Originally Added On: January 31st, 2012]
- Liberty Power Earns "A+" Rating from the Better Business Bureau [Last Updated On: February 1st, 2012] [Originally Added On: February 1st, 2012]
- Liberty’s Melton signs with Texas State [Last Updated On: February 3rd, 2012] [Originally Added On: February 3rd, 2012]
- Liberty girls top Lee’s Summit on last-second shot [Last Updated On: February 3rd, 2012] [Originally Added On: February 3rd, 2012]
- Liberty Property Earnings Preview [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Boys basketball | Olentangy Liberty 57, Westerville North 51: Stingy defense lifts Liberty [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Taking Liberties [Full Film] - Video [Last Updated On: February 4th, 2012] [Originally Added On: February 4th, 2012]
- Liberty Mutual Insurance Webinar Highlights Predictive Modeling’s Key Role in Better Managing Total Workers ... [Last Updated On: February 7th, 2012] [Originally Added On: February 7th, 2012]
- American Liberty Petroleum Corp. Adds New Oil Discovery Lease & Exercises Option to Receive Assignment of 3 Oil & Gas ... [Last Updated On: February 13th, 2012] [Originally Added On: February 13th, 2012]
- Liberty residents debate 911 dispatch [Last Updated On: February 14th, 2012] [Originally Added On: February 14th, 2012]
- Liberty 911 talk draws crowd [Last Updated On: February 14th, 2012] [Originally Added On: February 14th, 2012]
- Liberty girls drop KingCo title game [Last Updated On: February 15th, 2012] [Originally Added On: February 15th, 2012]
- Liberty All-Star(R) Growth Fund, Inc. January 2012 Monthly Update [Last Updated On: February 15th, 2012] [Originally Added On: February 15th, 2012]
- Liberty Mines Announces 2012 Operational and Exploration Targets [Last Updated On: February 16th, 2012] [Originally Added On: February 16th, 2012]
- Liberty Charter girls on a perfect run [Last Updated On: February 16th, 2012] [Originally Added On: February 16th, 2012]
- Liberty Wharf has completed office leasing [Last Updated On: February 17th, 2012] [Originally Added On: February 17th, 2012]