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Liberty Property Trust and American Water Agree to Terms for Development of One Water Street in Camden, NJ

PHILADELPHIA, July 14, 2016 (GLOBE NEWSWIRE) -- Liberty Property Trust today announced that it has signed an agreement with American Water for the development of American Water’s new corporate headquarters at One Water Street in Camden, NJ. The anticipated development represents the inaugural commercial development in Liberty’s vision for “The Camden Waterfront,” a $1 billion, 20-acre mixed-use development master planned by Robert A.M. Stern Architects.

“American Water’s decision to relocate to ‘The Camden Waterfront’ is an important step forward in helping to realize this key development for the future of Camden,” said John Gattuso, regional director and senior vice president for Liberty’s metro region. “We are delighted that American Water shares Liberty’s vision and wants to be at the forefront of this redevelopment.”

The building at One Water Street is designed by Robert A.M. Stern Architects to achieve LEED Platinum® certification from the U.S. Green Building Council®. One Water Street will encompass 222,376 square feet of office space in an innovative five-story metal-and-glass building that will frame views to the river and the Philadelphia skyline. Construction of the building and adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of, The Camden Waterfront site. The new building is expected to be complete the second half of 2018.

“We continue to work diligently to put the additional pieces in place to establish ‘The Camden Waterfront’ as a vibrant community,” said John Gattuso. “We are also working with several additional corporations in this exciting live/work/play environment.”

“I can think of no better place for the nation’s largest publicly traded water utility company to locate its headquarters than on the waterfront of a city it proudly serves,” said Susan Story, President and CEO, American Water. “Liberty’s plans for The Camden Waterfront will be transformative for the city of Camden, and as the provider of water and wastewater services to its residents, we want to be a part of this exciting development.”

American Water will be consolidating several of its leased facilities in southern New Jersey into the new corporate headquarters at One Water Street in Camden.

The announcement followed the approval of American Water’s site selection by the N.J. Economic Development Authority (EDA) during its monthly board meeting on July 14. The Camden Waterfront is incentivized by the New Jersey Economic Development Authority, which provides tax credits that help make the project financially viable through its Grow NJ assistance program.

The Camden Waterfront
The Camden Waterfront is a new $1 billion mixed-use development situated on 20-acres of prime waterfront property on the Delaware River. To be developed by Liberty Property Trust, the master-planned development designed by Robert A.M. Stern Architects skillfully maps out a 1.5 million square foot office development with hotel, residential and retail components.

About Liberty Property Trust
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 office and industrial properties. Liberty's 103 million square foot portfolio includes 683 properties which provide office, distribution and light manufacturing facilities to 1,600 tenants.

General Inquiries: John Gattuso, Liberty Property Trust, 215.568.4100 Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 410.430.9705

Source:Liberty Property Trust