Liberty Property Trust was a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

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.

History

The company traces its history to Rouse & Associates, which was formed in 1972 by

Willard Rouse Willard Goldsmith Rouse III (June 19, 1942 – May 27, 2003) was an American real estate developer, best known for his role in the construction of Philadelphia's One Liberty Place. Early life and education Willard Rouse, a native of Baltimore, ...

, George Congdon, David Hammers, and Menard Doswell to develop warehouse space in

South Jersey South Jersey, also known as Southern New Jersey, comprises the southern portion of the U.S. state of New Jersey. It is located between Pennsylvania and the lower Delaware River to its west, the Atlantic Ocean to its east, Delaware to its south, ...

. In 1974, Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in

Malvern, Pennsylvania Malvern is a borough in Chester County, Pennsylvania, United States. It is west of Philadelphia. The population was 3,419 at the 2020 census. History The area was originally settled in the 17th century by Welsh immigrants who purchased lan ...

, which was the first

office park A business park or office park is a designated area of land in which many office buildings are grouped together. These types of developments are often located in suburban areas where land and building costs are more affordable, and are typically ...

to incorporate a graduate college, a business development and training center, and a day care center. In 1987, Rouse & Associates opened

One Liberty Place Liberty Place is a skyscraper complex in Philadelphia, Pennsylvania, United States. The complex is composed of a 61-story, skyscraper called One Liberty Place, a 58-story, skyscraper called Two Liberty Place, a two-story shopping mall called ...

, the first skyscraper in

Philadelphia Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

to be taller than

Philadelphia City Hall Philadelphia City Hall is the seat of the municipal government of the City of Philadelphia in the U.S. state of Pennsylvania. Built in the ornate Second Empire style, City Hall houses the chambers of the Philadelphia City Council and the office ...

, and the tallest building in

Pennsylvania Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...

from 1987 to 2007. Elsewhere their UK subsidiary Rouse Kent developed Kings Hill in the United Kingdom. In 1994, Rouse & Associates changed its name to Liberty Property Trust and became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In 1995, the company acquired Lingerfelt Development Corporation in a $125 million transaction. In 1997, the company acquired 2 portfolios of properties for $130 million. In 2003, founder and chief executive officer Willard Rouse died from

lung cancer Lung cancer, also known as lung carcinoma, is a malignant tumor that begins in the lung. Lung cancer is caused by genetic damage to the DNA of cells in the airways, often caused by cigarette smoking or inhaling damaging chemicals. Damaged ...

. In 2014, in a joint venture with

Comcast Comcast Corporation, formerly known as Comcast Holdings,Before the AT&T Broadband, AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation, not th ...

, the company began construction of the

Comcast Technology Center The Comcast Technology Center is a supertall skyscraper in Center City Philadelphia. The 60-floor building, with a height of , is the tallest building in both Philadelphia and the state of Pennsylvania and the tallest building in the Wester ...

, which at , is the tallest building in the Western Hemisphere outside of Manhattan and Chicago and was designed by

Norman Foster, Baron Foster of Thames Bank Norman Robert Foster, Baron Foster of Thames Bank (born 1 June 1935) is an English architect. Closely associated with the development of high-tech architecture, Lord Foster is recognised as a key figure in British modernist architecture. Hi ...

. The company owns a 20% interest in the project. In 2016, the company sold a portfolio of 8 properties for $131.1 million, an 8 building portfolio in

Herndon, Virginia Herndon is a town in Fairfax County, Virginia, United States. Located in Northern Virginia, it is part of the Washington, D.C., metropolitan area, Washington, D.C. metropolitan area. In 2020, the population at the census was 24,655, which makes i ...

for $97 million, and a portfolio of 108 properties for $969 million. On February 4, 2020, the company was acquired by Prologis.

References

External links

{{authority control 1972 establishments in Pennsylvania 1994 initial public offerings 2020 mergers and acquisitions 2020 disestablishments in Pennsylvania American companies established in 1972 Real estate companies established in 1972 Companies formerly listed on the New York Stock Exchange Financial services companies established in 1972 Real estate investment trusts of the United States Companies based in Chester County, Pennsylvania Real estate companies disestablished in 2020 Financial services companies disestablished in 2020