Liberty/Synterra JV Breaks Ground on 75,000 Sq. Ft. Building at the Navy Yard Commerce Center
- Apr 30, 2014
Activity is buzzing at the old Philadelphia Navy Yard as the business campus continues to add new office buildings to accommodate the growing list of companies that are rapidly joining the site’s tenant roster.
Located in South Philadelphia and developed by the now-famous Liberty Property Trust/Synterra Partners partnership, the 40-acre Navy Yard Commerce Center is a master-planned project that consists of a mix of renovated historic buildings and new high-performance and LEED certified buildings. The Commerce Center is part of the Navy Yard, a 1,200-acre waterfront business campus designated as a Keystone Opportunity Improvement Zone (KOIZ) that is currently home to more than 11,000 employees and 143 companies in the office, industrial/manufacturing, and research and development sectors.
The Liberty/Synterra joint venture recently broke ground on its third flex building at the Navy Yard Commerce Center, an official statement shows. The 75,000-square-foot Class A commercial facility is located at 4000 S. 26th Street and is already fully pre-leased to three international tenants.
Conceptual plans for the $13 million development project were designed by Environetics, a New York-based architecture and interior design firm. Set for completion by December 2014, the single-story structure will join Liberty/Synterra’s two other build-to-suit flex buildings located at 4020 and 4050 S. 26th Street, which are also 100 percent leased.
“The appeal for high-quality flex space centrally located in the region continues to attract new companies to The Navy Yard, in this case from as far as China, Australia and the United Kingdom. With all five flex buildings in The Navy Yard at capacity, we will continue to meet this growing demand with plans already underway for our sixth flex building,” said Brian Cohen, Liberty Property Trust vice president and city manager at the ground breaking ceremony.
EcoSave, a large Australian energy efficiency company, announced earlier this year that it has chosen the Navy Yard as the location for its headquarters in the U.S. The company has already leased 20,000 square feet at 4000 S. 26th Street and plans to move in as soon as the building is completed.
Clinigen, a specialty global pharmaceuticals and services business based in the United Kingdom, will also set up its U.S. headquarters at 4000 S. 26th Street. According to the developers, the company will occupy approximately 10,000 square feet of space in the new building.
The third tenant is WuXi AppTec, Inc., a global pharmaceutical, biopharmaceutical, and medical device outsourcing company with operations in China and the United States. WuXi Apptec was Liberty’s first tenant in the Navy Yard in 2003, when it leased 75,000 square feet of research and development space. Reportedly, Wuxi AppTec will expand into 45,000 square feet of the building, bringing its total footprint in the navy Yard to nearly 130,000 square feet.
Rendering courtesy of Libery Property Trust and Synterra Partners