August 17, 2012

Aetna office building breaking ground in Phoenix

Liberty Property Trust is slated to break ground by the end of August on an upscale, 140,000-square-foot office building atop 12 acres in southeast Phoenix that is being built to house Hartford health giant Aetna Inc.'s operations there, reports.

The two-story, Class A office building will serve as a general-use facility for Aetna within the Liberty Cotton Center Business Park, which includes 38 acres and a dozen existing buildings near Broadway Road and 48th Street, The Phoenix Business Journal reported Friday on its homepage.

Liberty, the Malvern, Pa., publicly traded real estate investment trust, announced the groundbreaking this week. The company develops, acquires, leases and manages industrial and office properties in the U.S. and United Kingdom.

Liberty declined to disclose the total cost of the project.

Aetna signed a long-term lease with Liberty for the building. which owns the business park and is serving as the project's developer, company officials said.

The Aetna building is being designed by Phoenix's Balmer Architectural Group Inc. to achieve U.S. Green Building Council Leadership in Energy and Environmental Design certification. Wespac Construction Inc., also based in Phoenix, is serving as the general contractor.

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