MILWAUKEE – June 25, 2010 - Liberty Property Trust (NYSE:LRY) has renewed a lease with long term tenant State Farm Insurance for 35,447 square feet of office space at 245 S. Executive Drive in Brookfield. The four-story Class A office building, which underwent extensive renovations in2005, is LEED Silver certified.
“During the last few months we have experienced a marked shift in leasing. It seems that the market has reached the bottom of the trough and is stabilizing,” said Neal Driscoll, vice president, Liberty Property Trust. “Downsizing activity has lessened dramatically and inquiries for space are up. Tenants such as State Farm are maintaining space requirements while others are inquiring about expansion opportunities for next year.”
The high performance building at 245 S. Executive Drive offers a total of 72,000 square feet of Class A office space. Using larger floor plates and high windows, the property offers an open space plan that makes use of natural lighting. Sustainability-focused amenities run the gamut from low-flow toilets and waterless urinals to special sealants on the parking lot, bike racks and special window glass. Liberty has also purchased wind-generated power for a portion of the building’s electricity and installed landscaping designed to manage storm-water run-off. The stainless steel front and back doors keep heat in while hand-picked low-energy, high clarity lighting lights the common spaces.
The State Farm renewal maintains the building’s occupancy at 95%. Other tenants in the building include Ottawa University, Lepoidevin Group and Apex Systems.
Liberty Property Trust owns and manages more than 2.2 million square feet of office and industrial space in Wisconsin, including Liberty Park and Park Place, both in Milwaukee, Crossroads Corporate Center in Waukesha and Liberty Pointe Park in West Allis. In addition to the LEED certified renovation at 245 S. Executive Drive, the company has developed several sustainable buildings in the market including the new LEED certified Liberty Corporate Preserve (Buildings I and II) in Oak Creek and the award-winning JohnsonDiversey Distribution Center in Sturtevant.
About Liberty Property Trust
Headquartered in Malvern, PA, Liberty is dedicated to enhancing people’s lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 78 million square foot portfolio offers exceptional locations and flexible design to more than 2,100 tenants at 700 office, distribution and light manufacturing facilities. The company is a leader in the development of high performance green buildings. For more information visit www.libertyproperty.com.
General Inquiries: Neal Driscoll, Liberty Property Trust, 414/979-2010
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 410/883-2000