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Liberty Begins Construction on Butler Plaza III

‘Class A’ building marks the final development in Butler Plaza

Liberty Begins Construction on Butler Plaza III

JACKSONVILLE - 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 will begin development this week on an 80,000 square foot 'class A' office building located in Jacksonville. Liberty is pursuing LEED (Leadership in Energy and Environmental Design) certification for its new speculative office building, marking the company's second sustainable development project in Jacksonville.

"Overall occupancy in our Jacksonville portfolio has steadily and significantly increased from 80% in early 2006 to approximately 94% this summer. To be competitive, we must continue to grow our office portfolio to anticipate the demands of the market," said Mike Heise, vice president, Liberty Property Trust. "The early data on green commercial space is very encouraging. Companies are beginning to see the long-term economic and social values of green buildings - higher productivity and lower operating costs, for example – and we believe this will continue to drive tenants to our properties."

Liberty is working in conjunction with the U.S. Green Building Council - a nonprofit, consensus-based coalition representing the entire building industry) for LEED certification on the project. The LEED program seeks to develop guidelines and recognitions for ongoing "greening" of building operations. Certification is expected after the building's completion in April 2008.

The building, located at 4875 Belfort Road in Butler Plaza, will be constructed of exterior concrete and glass, and feature an impressive architectural design of interior granite, limestone and terrazzo. The project will feature minimum nine-foot ceilings, an elegant lobby, state-of-the-art telecommunications, a fiber optic sonet ring, and an on-site café.

"Our Butler Plaza properties have proven very successful. We have been able to attract national and regional companies in equal parts because of the upscale design, high visibility from J. Turner Boulevard and quick access to I-95. The time is right to develop the third and final building in the park," added Heise.

The building's numerous high-performance features will include waterless urinals, low-flow shower heads and sensor faucets, high energy-efficient HVAC equipment with special filters and carbon dioxide monitors, a highly reflective TPO roof membrane, as well as low emission paints, carpet and adhesives.

In January, Liberty received official LEED certification for its 5201 Gate Parkway building, marking the first commercial LEED certified building in Jacksonville and one of only ten buildings in the state of Florida to be LEED certified.

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. Butler Plaza III is the third and final 80,000 square foot development in the park.

Liberty and LEED

Liberty recently 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. Currently, Liberty has over 3 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 65 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

Note to Editors: A digital rendering of Butler Plaza III is available by calling 910/635-6576 or by emailing