Northwestern Mutual Signed as Anchor Tenant in Class A Building
RICHMOND, VA, February 26, 2008- Liberty Property Trust (NYSE: LRY), which owns and manages more than five million square feet of office and industrial space in the greater Richmond area, today announced that it is nearing completion on its 77,708 square foot Class A office development located in the Westerre Business Park in Henrico County. To be known as the Westerre IV building, the project marks Liberty's second development in the prestigious park and the company's first sustainable development project in Richmond.
"Our company has developed more than five million square feet of high performance buildings around the country during the last five years and we are excited to apply that knowledge here in Richmond for the benefit of our tenants," said Jay Kraft, vice president and city manager, Liberty Property Trust.
Liberty broke ground on the project at the end of August 2007 and anticipates the building's opening in mid-May. The three story multi-tenant Class A building is constructed of brick and glass, with a timeless design similar to its sister building Westerre III. It features an elegant lobby, state-of-the-art telecommunications and fiber optics, and a high-tech energy management and security system.
To achieve LEED certification, Liberty has registered the project with the U.S. Green Building Council, a nonprofit, independent organization based in Washington, D.C. that promotes the construction and operation of environmentally sound buildings. Liberty is currently seeking the LEED "silver" certification.
The building's numerous environmentally sensitive and high-performance features will include enhanced daylight views, certified renewable woods, waterless urinals, low-flow shower heads and sensor faucets, water efficient landscaping, high energy-efficient HVAC equipment with special filters and carbon dioxide monitors, a highly reflective white TPO roof membrane, as well as low emission paints, carpet and adhesives.
The architect for the Westerre IV project is Freeman & Morgan, the general contractor is ARGO Development and Dana Dame, vice president of development is Liberty's project manager.
Liberty Welcomes Northwestern Mutual to its Westerre IV Building
Upon completion, Northwestern Mutual will be the first tenant to move into Liberty's Westerre IV building. The company has leased 46,500 square feet of office space on the first floor of the building. David Wilkins, Trib Sutton and Scott Durham of CB Richard Ellis represented Northwestern Mutual in the transaction.
"Since its inception in 2006, Westerre Business Park has been very well accepted by the business community," said Jay Kraft, vice president and city manager, Liberty Property Trust. "We have been able to attract regional and national companies such as Northwestern Mutual, due to the upscale feel of the park, numerous retail amenities and quick access to I-64. We look forward to officially welcoming Northwestern Mutual to the building in May."
Located right off of Broad Street near Liberty's Innsbrook properties, Westerre Business Park is convenient to I-64, I-95, I-295 and I-288. In January 2006, Liberty opened its first development in the park, Westerre III, a 77,700 square foot class A building. Upon completion, Westerre Business Park will offer a total of four Class A office buildings totaling 320,302 square feet.
Liberty's five million square foot portfolio in Richmond consists of 13 Class A office buildings, which total nearly one million square feet. Liberty's premier office product consists of six buildings in Innsbrook Corporate Park (consisting of 454,234 square feet), Westgate Office Park (with two buildings totaling 152,058 square feet), Shoppes at Westgate (with two buildings totaling 167,880 square feet) and Boulders I, II and III buildings (290,000 square feet). Collectively the properties are more than 93% occupied.
Liberty and LEED
In 2006 Liberty earned a U. S. Green Building Council Award for Corporate Leadership which is awarded to outstanding leaders in green building who demonstrate exceptional vision, leadership, and commitment to the evolution of green building design and construction. In addition, the company was also honored with the National Association of Industrial and Office Properties "Green Development Award." This is a national award recognizing the company for developing the top sustainable development project of 2007 - a high-performance warehouse and distribution center for Johnson Diversey in Wisconsin. Liberty has more than 5 million square feet of LEED and BREEAM (British Real Estate Environmental Assessment Method) projects completed or under construction.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY), headquartered in Malvern, PA, 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 75 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.
Liberty Property Trust
Margo Hunt Winans