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Willard Rouse Succumbs to Lung Cancer

PHILADELPHIA-The not-unexpected news affects not only Liberty Property Trust and the real estate community, but also those

By Marita Thomas | Updated on May 28, 2003

PHILADELPHIA-Willard G. Rouse III, founder of Malvern, PA-based Liberty Property Trust, died today at age 60 following a 17-month bout with lung cancer. “Bill was simply our hero,” says Bill Hankowsky, CEO and Rouse’s hand-picked successor at Liberty, in a statement.

“It is impossible to express the loss our employees are feeling today,” Hankowsky continues. “He cannot be replaced, but the culture of this company is indelibly stamped with his uniquely moral view of the individual’s place in the corporation and the corporation’s responsibility to the world.”

With his friends George Congdon, David Hammers and Menard Doswell, Rouse founded Rouse & Associates, an industrial development company, in 1972. In 1994 it became Liberty Property Trust, one of the country’s largest REITs with market capitalization of $4.6 billion. Rouse & Associates spawned many other ongoing businesses in the fields of construction, architecture and housing development.

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