80% Interest in Comcast Center Sold

Comcast Corp.’s new headquarters in Philadelphia isn’t even completed yet, and it was already involved in a transaction.

Liberty Property Trust entered into a joint venture with CommerzLeasing und Immobilien AG, a wholly owned subsidiary of Commerzbank AG, under which Liberty Property sold an 80% interest in the equity of Comcast Center, an office tower Liberty is developing in Philadelphia.

The transaction values the property at $505 million and allocates approximately $10 million for closing costs and future refurbishment costs.

Comcast leased 873,000 square feet of the 1,250,000-sq.-ft. project, which is on schedule for a phased occupancy beginning in late 2007.