Liberty Property Trust today announced that it has executed two new leases, filling its nearly complete 135,663 square foot speculative office building at 1930 West Rio Salado Parkway in Tempe. DriveTime Automotive Group, an existing tenant in 1720 West Rio Salado Parkway at Liberty Center at Rio Salado, will expand into 65,889 square feet of space, while its former subsidiary, CARVANA, will occupy the remaining 69,774 square feet.
“One of the many benefits of developing a park of this size and scope is our ability to accommodate the growth of our tenants,” said John DiVall, senior vice president and city manager for Liberty Property Trust. “When DriveTime approached us for more space for anticipated growth of DriveTime and for the immediate growth of CARVANA, we were able to meet their needs on their timetable and were thrilled to do so. Their commitment to expand to such a significant presence in the park is a testament to the quality and location of Liberty Center at Rio Salado.”
Liberty completed DriveTime’s current 96,000 square foot corporate headquarters at 1720 West Rio Salado Parkway in November 2015. That same month, Liberty broke ground on 1930 West Rio Salado Parkway. Nearing completion, the new two-story building is Liberty’s fourth office development at the park. The 1930 West Rio Salado Parkway building will be CARVANA’s new corporate headquarters.
“Locating DriveTime’s headquarters at Liberty at Rio Salado in Tempe was good for DriveTime’s headquarter employees and will be good for CARVANA’s 300+ headquarter employees too” said Ernie Garcia, CEO of CARVANA.
Fred Darche of Lee & Associates and Tom Adelson of CBRE represented DriveTime and CARVANA in the transaction. Brad Anderson, Mike Strittmatter and Lauren Anderson of CBRE and Megan Creecy-Herman of Liberty Property Trust represented Liberty in the transaction. RSP Architects is the shell building and tenant improvement architect and Wespac Construction is the shell building and tenant improvement contractor for 1930 West Rio Salado Parkway.
“The park has been extremely well accepted by the business community,” said DiVall. “Our initial plan called for a 12-year horizon for development, but at the present rate of absorption, we anticipate it could be completed in as little as half that time.”
To-date, Liberty has developed approximately 750,000 square feet of office, and industrial space at Liberty Center at Rio Salado which is now home to nearly 4,000 employees.
