MutualFundWire.com: Work on Newest Vanguard “Ship” Starts in March

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Friday, February 8, 2013

Work on Newest Vanguard “Ship” Starts in March

Work will begin in March for the latest expansion of Vanguard’s [profile] Malvern fleet of office buildings, each of which is named after a ship in Lord Nelson’s fleet during the Battle of the Nile.

Liberty Property Trust announced that it will develop the 200,000 square foot, six-story office building for Vanguard at Liberty’s Great Valley Corporate Center in Malvern, PA, with total project estimated to cost $55 million. Construction is expected to begin in March of this year, with completion in mid-2014. Vanguard has signed a long-term lease, and was represented by Ron Cariola and Mike Morrone of Jones Lang LaSalle .

The building was reportedly designed by D2CA Architects to achieve LEED certification. Studio Bryan Hanes is the landscape architect, and Bala Consulting Engineers is the project engineer.

Stories about the planned new building broke in October 2012, soon after Vanguard acquired a $40 million complex to help the fund giant accommodate more growth.

The press release is below:

Company Press Release
Great Valley Corporate Center To Expand With 200,000 Square Foot Office Project
3 Quarry Ridge 100% pre-leased to The Vanguard Group

MALVERN, Pa., Feb. 1, 2013 /PRNewswire/ -- Liberty Property Trust today announced that it will develop a 200,000 square foot, six-story office building for The Vanguard Group at Great Valley Corporate Center in Malvern, PA. The total project cost is estimated at $55 million. Construction is expected to begin in March of this year, with completion in mid-2014. Vanguard has signed a long-term lease, and was represented by Ron Cariola and Mike Morrone of Jones Lang LaSalle .

The building was designed by D2CA Architects to achieve LEED certification. Studio Bryan Hanes is the landscape architect, and Bala Consulting Engineers is the project engineer.

"Now in its 41st year, Great Valley Corporate Center is one of nation's leading business parks and a major employment center for Greater Philadelphia," said Tom Sklow , vice president and city manager for Liberty. "The park continues to evolve and grow, and just last month became even more accessible with new connections to the Pennsylvania Turnpike."

Liberty began development of Great Valley Corporate Center in 1972. Today companies in the corporate center and surrounding subsequent developments employ approximately 25,000 people.

About Liberty Property Trust

Liberty Property Trust (NYSE: LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 81 million square foot portfolio includes 680 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants. For more information visit www.libertyproperty.com.