Liberty Property Trust Breaks Ground on 1 MSF Tempe Business Park
By Amalia Otet, Associate Editor
Liberty Property Trust has broken ground on the first building at Liberty Center at Rio Salado, a 1 million-square-foot business park in Tempe and the REIT’s largest project to date in Arizona.
Scheduled for completion in mid-2014, the speculative two-story project at 1850 W. Rio Salado Parkway will feature 155,000 square feet of Class A office space. Additionally, the building is designed to achieve LEED Silver certification. Site preparation is currently under way for a sister building nearby.
In all, the first phase will include six office buildings and one industrial buildings, Liberty said in a statement. For the second phase, which will be located across the street, Liberty is eyeing plans for a hotel, retail space and additional office buildings.
“Our strategy is to create work environments that can make a difference in the quality of people’s lives,” said William Hankowsky, CEO of the Malvern, Pa.-based REIT, in a statement. “We believe that Liberty Center at Rio Salado—with its sustainable buildings and commitment to amenities such as an outdoor amphitheater and Wi-Fi—will provide a terrific location for creativity, productivity and innovation.”
At full build-out, the Liberty Center development will comprise as many as 11 buildings. It will also offer convenient access to Sky Harbor International Airport and to major Phoenix-area freeways. All buildings in the park will be designed to LEED standards and will emphasize energy efficiency and green practices.
As previously reported by Commercial Property Executive, Tempe tapped Liberty in 2012 as master developer of the 100-acre site at the northwest corner of Priest Road and Rio Salado Parkway.
Rendering of Liberty Center at Rio Salado via website