Liberty Property Trust Announces Sale of Medical Office Tower in Center City Philadelphia for $99.25 Million
WAYNE, Pa., July 02, 2019 (GLOBE NEWSWIRE) -- Liberty Property Trust has sold 800 Walnut Street in Philadelphia, Pennsylvania, for $99.25 million. Liberty developed the 12-story, 153,242 square foot medical office building in 2013 for an investment of $48.5 million. The property was purchased by University of Pennsylvania Health System.
The Company used a portion of the sales proceeds at closing to repay $35.9 million of mortgage debt encumbering the property and, consequently, will realize a loss on early extinguishment of debt of $7.6 million, or $0.05 per diluted share, in the second quarter of 2019. This debt extinguishment charge was not included in the Company’s previously announced earnings guidance for 2019. The secured loan carried an interest rate of 4.84% and was scheduled to mature in 2033.
About the Company
Liberty Property Trust (NYSE: LPT) 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 logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty's 108 million square foot operating portfolio provides productive work environments to 1,200 tenants.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704
Source: Liberty Property Trust
Released July 2, 2019