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Liberty Property inks deal with American Water on NJ office development

LibertyProperty Trust reached a deal with American Water for theconstruction of an office building at One Water Street in Camden, N.J.

The proposed building will house American Water's new corporateheadquarters and marks the first commercial development in the REIT's mixed-useproject known as The Camden Waterfront. The $1 billion will rise on a 20-acre site onthe Delaware River and will include a 1.5-million-square-foot officedevelopment with retail, hotel and residential components.

The planned American Water facility will feature 222,376square feet of office space and an adjacent parking garage. Pending Liberty'spurchase of The Camden Waterfront site, construction of the five-story buildingis expected to commence in the fall and be completed in the second half of 2018.