The $13 million joint venture project between Liberty Property Trust and Synterra Partners broke ground this week as the partners turned dirt on a fully pre-leased flex building at The Navy Yard. The 75,000 square foot building at 4000 S. 26th Street is 100% pre-leased to three international tenants that will occupy the building upon delivery this December. When complete, the 40-acre Navy Yard Commerce Center will include roughly 525,000 square feet of additional space to the western side of The Navy Yard in Philadelphia.
"We are excited to announce that prior to putting a shovel into the ground, this new building is 100% pre-leased," said Brian Cohen, Liberty Property Trust Vice President and City Manager, at the groundbreaking ceremony. "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."
"We are thrilled to join with our partners to break ground on this incredible new flex space at The Navy Yard," said John Grady, President of PIDC, Philadelphia's city-wide economic development corporation. "A dynamic, vibrant, and growing campus, The Navy Yard continues to attract global companies to Philadelphia. This new building will add to the variety of unique and flexible spaces that can accommodate growth and expansion. We are pleased to support these three companies' expansions, and we welcome them to The Navy Yard."
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