LIBERTY PROPERTY TRUST New United States headquarters comprises entire third floor of high-profile building
Malvern, PA - July 29, 2014 - Liberty Property Trust today announced that DrugDev has signed a lease agreement for 31,000 square feet of Class A office space at 1170 Devon Park Drive in Wayne, Pa. The building, which will serve as the United States headquarters for DrugDev, recently underwent a major renovation and is highly visible from Pennsylvania Route 202, near the interchange with the Schuylkill Expressway, US 422 and Pennsylvania Turnpike.
"This area has seen a significant amount of public and private investment recently, including road improvements, the recently opened Chester Valley Trail, the continued development of the Village at Valley Forge and the construction and/or renovation of several office buildings. That investment, combined with the formation of the King of Prussia Business Improvement District, has made this section of the 202 corridor very attractive to high profile tenants like Drug Dev," said Bruce Hartlein, vice president leasing and development, Liberty Property Trust."
The $2.5 million renovation of the 88,000 square foot, three-story building included signature canopies at both entrances, new floor-to-ceiling glass curtain wall on the corners, an expanded lobby with open staircase, terrazzo flooring and beautiful stone and woodwork wall finishes, new restrooms throughout, and a state of the art fitness and locker facility for use by tenants. Additional space is available on both the second and first floors.
"Our new United States headquarters provides a significant upgrade to support DrugDev and our ongoing growth," said Ibraheem Mahmood, CEO of DrugDev. "While our current location has served us well, we are excited to have secured a facility which features quality amenities that are important to employees as we continue to expand our business operations. The building offers an excellent blend of what we need and what we want, and we look forward to many productive years of improving how global clinical trials are conducted from our new home in King of Prussia, PA."
DrugDev, currently headquartered in London and Audubon, PA, provides technology-enabled solutions to help clinical study sponsors, CROs and investigative sites do more trials together. The company continues to grow as more customers learn about the innovative services DrugDev offers the global biopharmaceutical industry - including acquisitions of CFS Clinical (also of Audubon, PA) last October and TrialNetworks (Newton, MA) in May.
Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as the architect and interior designer, and Shields Construction as the general contractor.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY) 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 more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.
General Inquiries: Bruce Hartlein, Liberty Property Trust, 610.648.1755
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443.944.9301
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