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Jacksonville Leases New Butler Plaza III Building

American Home Mortgage Servicing Inc. to Occupy 98% of the LEED Registered Building

JACKSONVILLE - October 29, 2008 - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, today announced that it has fully leased its Butler Plaza III building located at 4875 Belfort Road in Jacksonville.

"We are very pleased to have American Home Mortgage Serving Inc. (AHMSI) as the anchor tenant in our newly completed LEED® registered building," said Mike Heise, vice president and city manager, Liberty Property Trust. "Liberty is committed to the fundamental principles of high performance development and to lease more than 98% of our building to a similarly like-minded company that values the importance of environmentally-friendly design and build is very satisfying."

AHMSI has signed a lease for 76,075 square feet and will move into its new premises in prior to January 2009. AHMSI is a well capitalized company with a multi-billion dollar portfolio, making it one of the largest independently owned and operated mortgage servicing companies in the United States.

"Our 250 Jacksonville associates are looking forward to serving our borrowers from our new, environmentally friendly location," said Jim Davis, executive vice president and AHMSI's leader of the Jacksonville site. "The site gives us flexibility to grow and the design is particularly appealing, not only from a comfort level but from a sustainability perspective, as well."

Liberty officially opened the 80,000 square foot building in July and the company has recently moved its Jacksonville headquarters to the brand new state-of-the-art building. Liberty built-out its corporate office space to meet the U.S. Green Building Council's LEED Gold CI (Commercial Interiors) certification.

Liberty has registered the building with the USGBC for LEED Silver certification (official certification is expected any time) marking the company's second sustainable development project in Jacksonville.

Butler Plaza III is constructed of exterior concrete and glass, and features an impressive architectural design of interior granite, limestone and terrazzo. The construction consists of recycled materials which include the concrete, steel, carpet, ceiling tiles and similar materials. In addition, the paint, glues and adhesives are all free of toxic materials.

The building's numerous environmentally sensitive and high-performance features include enhanced daylight views, use of certified renewable woods, waterless urinals, low-flow shower heads and sensor faucets, high energy-efficient HVAC equipment with special filters and carbon dioxide monitors, and a highly reflective TPO roof membrane.

The building has a designated recycling area, showers, bicycle racks and preferred parking spaces for hybrid vehicles. The maintenance of the building is supported by a cleaning green program that includes environmentally-friendly cleaning agents. In addition, native plants and trees that require little or no irrigation were used for attractive landscaping.

About Butler Plaza
Conveniently located on the corner of J. Turner Butler Boulevard and Belfort Road, Butler Plaza is a master planned park featuring 240,000 total square feet of innovative contemporary design and top quality construction. The park offers complete accessibility to numerous major crossroads, immediate access to I-95, and is within close proximity to numerous restaurants, hotels, banks and shopping venues.

As a leader in LEED development in Jacksonville, Liberty was asked to host a kick-off event on September 26th at Butler Plaza III for BOMA (Building Owners and Managers Association) and its 7-Point Challenge. This challenge is designed for developers to "improve energy efficiency by 30% by the year 2012 by using low or no cost strategies." Liberty is endorsing the BOMA 7-Point Challenge in every city where BOMA exists and Liberty owns and manages property.

Butler Plaza III marks the third and final development in Butler Plaza, and the company's sixth sustainable building to open in the state.

Liberty and LEED®/Sustainable Development
Liberty has been recognized for its commitment to sustainable design and its positive impact on its tenants' employees, the environment and its communities. Most recently, Liberty was named the National Association of Industrial and Office Properties (NAIOP) 2008 Developer of the Year. This award is presented annually to one member-developer company that best exemplifies leadership and innovation in the commercial real estate industry. Liberty is also the proud recipient of the CoreNet Global 2008 Sustainability Leadership Award for Design & Development and the 2007 NAIOP Green Development Award. The company was also honored with the U.S. Green Building Council's 2006 LEED Corporate Leadership Award, recognizing outstanding leaders in green building that demonstrate exceptional vision, leadership, and commitment to the evolution of green building design and construction. Liberty has invested more than $1 billion in sustainable developments.

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.

About AHMSI
Established in April 2008, American Home Mortgage Servicing, Inc. (AHMSI) services residential mortgage loans, including traditional, Alt-A, payment option, and subprime. The company is headquartered in Irving, Texas, and operates its servicing business through locations in Irvine, Calif., Jacksonville, Fla., and Pune, India. As of September 30, 2008, it managed a portfolio of more than $90 billion. AHMSI is ultimately controlled by funds affiliated with WL Ross & Co., Inc., an investment firm based in New York City. AHMSI acquired the servicing business of Option One Mortgage Corporation on April 30, 2008. At that time, it assumed Option One's Jacksonville loan servicing location, which had operated in Jacksonville since 2002. For more information about AHMSI, please visit its website at www.ahmsi3.com.

Contact:
Mike Heise
Liberty Property Trust
904/296-1776

Media:
Margo Hunt Winans
a.s.a.p.r., 757/404-8653