 | |
| Industry | Real estate investment trust |
|---|---|
| Founded | 1972; 54 years ago (1972) |
| Defunct | February 4, 2020; 6 years ago (2020-02-04) |
| Fate | Acquired byPrologis |
| Headquarters | Malvern, Pennsylvania, U.S. |
Key people | William P. Hankowsky,Chairman &CEO Christopher J. Papa,CFO |
| Revenue |  $0.719 million (2017) |
 $0.290 million (2017) | |
| Total assets | $6.439 billion (2017) |
| Total equity | $3.148 billion (2017) |
Number of employees | 295 (2017) |
| Footnotes / references [1] | |
Liberty Property Trust was areal estate investment trust that invested in office buildings and industrial properties. As of December 31, 2017, the company owned interests in 461 industrial and 48 office properties comprising 86.0 million square feet.
The company traces its history to Rouse & Associates, which was formed in 1972 byWillard Rouse, George Congdon, David Hammers, and Menard Doswell to develop warehouse space inSouth Jersey.[2]
In 1974, Rouse & Associates purchased the Great Valley Corporate Center (GVCC) inMalvern, Pennsylvania, which was the firstoffice park to incorporate a graduate college, a business development and training center, and a day care center.[2]
In 1987, Rouse & Associates openedOne Liberty Place, the first skyscraper inPhiladelphia to be taller thanPhiladelphia City Hall, and the tallest building inPennsylvania from 1987 to 2007.[3] Elsewhere their UK subsidiary Rouse Kent developedKings Hill in the United Kingdom.
In 1994, Rouse & Associates changed its name to Liberty Property Trust and became apublic company via aninitial public offering.[1]
In 1995, the company acquired Lingerfelt Development Corporation in a $125 million transaction.[4]
In 1997, the company acquired 2 portfolios of properties for $130 million.[5]
In 2003, founder and chief executive officer Willard Rouse died fromlung cancer.[2]
In 2014, in a joint venture withComcast, the company began construction of theComcast Technology Center, which at 1,142 feet (348 m), is the tallest building in the Western Hemisphere outside of Manhattan and Chicago and was designed byNorman Foster, Baron Foster of Thames Bank.[6] The company owns a 20% interest in the project.[1]
In 2016, the company sold a portfolio of 8 properties for $131.1 million,[7] an 8 building portfolio inHerndon, Virginia for $97 million,[8] and a portfolio of 108 properties for $969 million.[9][10]
On February 4, 2020, the company was acquired byPrologis.[11]