Industries Commercial Real Estate

Liberty Property Trust merges Richmond and Hampton Roads operations

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Liberty Property Trust has merged its Hampton Roads and Richmond operations to create a more united platform. The Pennsylvania-based real estate investment trust says the realignment is part of a companywide restructuring to better serve customers.

The Hampton Roads and Richmond operation will fall under Liberty’s South Region, which also includes Florida and the Carolinas. The company’s northern Virginia portfolio will align with the company’s Metro region, including Washington D.C., and Philadelphia.

Craig Cope, vice president and city manager for Liberty’s Hampton Roads office will oversee the combined Virginia platform. Jay Kraft, who has served as city manager in Richmond since 2007 and has been with Liberty since 1989, has been named city manager of the company’s Texas platform. Kraft and his family will relocate to Houston.

“Combining the Hampton Roads and Richmond operations is an efficient way to manage our Virginia platform,” Craig Cope said in a statement.  “Liberty is focused on growing our Virginia portfolio and is fully committed to the Richmond and Hampton Roads markets.”

The combined portfolio totals nearly seven million square feet of warehouse and office space. The company will continue to operate offices in each market.

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