Developer completes 22 new and renewed leases for a total of 551,360 square feet
MARLTON, NJ - June 30, 2008 - Liberty Property Trust (NYSE:LRY), the largest owner and manager of office, industrial and flex space in the Delaware Valley, today announced it has executed its first leases at 330 Fellowship Road in Mt. Laurel. The new 103,000 square foot 4-story office building is designed to achieve LEED "Gold" certification - the first such project in southern New Jersey.
The building opened at the end of 2007, and with these three long-term leases is now 58% occupied. During the first few months of 2007, financial services firm Citigroup Global Markets, Inc. d/b/a Smith Barney signed a lease for 26,795 square feet of space; Pennsylvania Manufacturers' Association signed a lease for 22,969 square feet of space, and Oracle USA, Inc. signed a lease for 10,161 square feet of space.
"There has been tremendous interest in leasing space in this building, and we will be pleased to welcome these first tenants this summer," said Rob Jones, vice president and city manager of Liberty Property Trust's southern New Jersey region. "Based on our experience these last few months, we believe there is a very real market here for sustainable office design."
(Note to editors: more information about this building follows the leasing report, below.)
In other news, Jones announced that Liberty has signed new and renewal leases with 19 tenants in the first four months of the year. These leases totaled 491,596 square feet of office and industrial space.
Seven New Leases Signed
- Hagemeyer Corporation has signed a new lease for 33,356 square feet of warehouse/distribution space at 406 Heron Drive in Swedesboro, NJ.
- KidJunction has signed a new lease for 9,072 square feet of flex space at 16000 Commerce Parkway in Mt Laurel, NJ.
- Temple Inland has signed a new lease for 7,800 square feet of flex space at 9 Stow Road in Marlton, NJ.
- Santilli & Thompson has signed a new lease for 3,671 square feet of office space at Greentree IV (13000 Lincoln Dr. W) in Marlton, NJ.
- Nixle, LLC has signed a new lease for 1,746 square feet of office space at 3000 Atrium Drive in Mt. Laurel, NJ.
- Gilbeaux has signed a new lease for 1,152 square feet of office space at Greentree IV (13000 Lincoln Dr. W) in Marlton, NJ.
- Delaware Valley Financial Group has signed a lease for 9,041 square feet of office space at 3000 Atrium Way in Mt. Laurel, NJ.
Eleven Renewals Completed
- Leslie's Pool Mart has renewed 130,540 square feet of warehouse/distribution space at 300 Commodore Drive in Swedesboro, NJ.
- US Foods has renewed 108,000 square feet of warehouse/distribution space at 540 Pedricktown Road in Bridgeport, NJ.
- Door to Door Storage renewed its lease of 48,000 square feet warehouse/distribution space at 530 Pedricktown Road in Bridgeport, NJ.
- Avchem has renewed 40,156 square feet of warehouse/distribution space at 510 Sharptown Road in Bridgeport, NJ.
- Whirlpool has renewed a lease for 35,562 square feet of warehouse/distribution space at 406 Heron Drive in Swedesboro, NJ.
- Ford has renewed its lease for 12,105 square feet of office space at 5000 Dearborne Circle in Mt. Laurel, NJ.
- The Hartford has renewed 6,274 square feet of office space at 303 Lippincott Drive in Marlton, NJ.
- Compset has renewed 5,371 square feet of office space at 10 Stowe Road in Marlton, NJ.
- Allcare Medical has expanded its lease to 2,982 square feet of office space at 9 Stow Road in Marlton, NJ.
- Drexel Medicine has expanded its lease to 1,456 square feet of office space at Greentree IV 13000 Route 73 in Marlton, NJ.
- The Garden Café has renewed its lease of 545 square feet of retail space at 301 Lippincott Drive in Marlton, NJ.
330 Fellowship Road: First sustainable office building in South Jersey offers innovation and style
This new building features a long list of energy saving and environmental protection elements that range from water use and building envelope efficiencies to mechanical systems that allow more outside/fresh air to be ventilated throughout the building. The lobby features a dramatic sculpture - a 22' high by 15' wide abstract piece by renowned sculptor, Greg Leavitt. The sculpture was fabricated using actual roof trusses from the former NFL Films building which was razed in 2006 to make way for the new building.
The property is one of four Class A office buildings that have been developed or redeveloped to form the company's 20-acre Liberty Walk at East Gate office park. The other three buildings in Liberty Walk at East Gate include 300 Fellowship Road (headquarters for Marlin Leasing), 302 Fellowship Road (a multi-tenant building) and 350 Fellowship Road, a 56,000 square foot renovation project that was completed in February, and is 100% leased by Teknion.
The park also includes the region's first commercial "green beltway"- more than a mile of interconnected walkways that feature brick patios, flowing ponds and fountains, music and sculptures.
Liberty and LEED
In 2007 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 three million square feet of LEED 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 70 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.
Robbie Tarpley Raffish