2009 industrial portfolio offers stability, opportunity
MILWAUKEE – January 16, 2009 -Liberty Property Trust (NYSE:LRY), which owns and manages more than 2.5 million square feet of office and industrial space in Wisconsin, today announced that Unified Solutions, Inc. (USI) has renewed its lease at Lake View Corporate Park in Pleasant Prairie. The integrated packaging and project management service company will continue to occupy the 277,000 square foot warehouse located at 9801 80th Avenue.
“We consider it a vote of confidence in our properties and service when a tenant renews, and we are pleased that USI will remain a tenant for years to come,” said Neal Driscoll, director of leasing and development at Liberty. “Overall, our occupancy rate remains high, which we believe is due to a powerful combination of high tenant satisfaction with Liberty and a degree of economic uncertainty.”
Few large industrial leases available
In May 2008, Liberty announced it had signed a new lease with SupplementalWarehouse for 37,500 square feet of warehouse space in Liberty Corporate Preserve at Oak Creek. The building, Liberty Corporate Preserve II located at 2440 West Corporate Preserve Drive, retains 30,500 square feet of open warehouse space available for lease.
Two other leasing opportunities for companies are the 240,000 square foot Lake View industrial building at 8691 109th Street in Lake View Corporate Park (available in April) and 50-acres of industrial land in Sturtevant, Wisconsin. The land is located adjacent to the distribution center the company built for JohnsonDiversey Inc. (JDI) -- a LEED Gold property which received the National Association of Industrial and Office Properties 2007 Green Development Award. Liberty anticipates that 50-acre parcel will eventually accommodate 800,000 square feet of industrial space across multiple buildings.
“While companies may be slower to jump into a new lease than they might have been a year ago, we are experiencing strong interest in our available properties, which is encouraging,” added Driscoll.
Liberty and LEED
Liberty has developed five LEED certified buildings in Wisconsin, the most in any one state in the company’s portfolio. These include the LEED Gold JohnsonDiversey distribution center, a LEED Silver office building for the Department of Defense in Liberty at Park Place in Milwaukee, the redevelopment of 245 Executive Plaza in Milwaukee (certified LEED-EB), and a LEED Silver industrial building and LEED Silver office building, both in Oak Creek Business Park.
Nationwide, Liberty has more than five million square feet of LEED certified space completed and in development, including the 58-story Comcast Center office tower in Philadelphia, which opened in 2008.
About Liberty Property Trust
Contact: Neal Driscoll
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 2,600 tenants at approximately 750 office, distribution and light manufacturing facilities. The company has received numerous recognitions for its leadership, customer service and commitment to the development of high performance green buildings and was recently named the 2008 NAIOP Developer of the Year. For more information visit www.libertyproperty.com.
Liberty Property Trust
Robbie Tarpley Raffish