by Brianna Crandall — October 16, 2015—Real estate developer, owner and manager Liberty Property Trust has negotiated an agreement with Steiner + Associates to purchase Camden Town Center with the intent to pursue a commercial development on 16 acres of waterfront property in Camden, New Jersey. Liberty envisions a transformational mixed-use development that will attract major corporations, employment and substantial third-party investment.
Liberty and Robert A.M. Stern Architects have created a revitalization master plan for the sustainable, high-performance development, which comprises approximately 1.7 million square feet of office space, as well as hotel and residential components, intended to redefine the Camden Waterfront.
Liberty anticipates the office component of the development will consist of build-to-suit projects, developed for a fee, for corporations seeking to own their own office buildings and to grow their businesses in this environment while taking advantage of the economic benefits offered through the Grow New Jersey financing program.
If approved by the New Jersey Economic Development Authority, the purchase of Camden Town Center would confer upon Liberty the exclusive right to acquire and obtain approvals for development of the site. Subject to satisfactory completion of a due diligence process, which is expected to last approximately six months, Liberty would complete the purchase of the entity.
