MALVERN, PA – January 23, 2009 – Liberty Property Trust (NYSE:LRY), which owns and manages more than 15 million square feet of office, flex and industrial space in southeastern Pennsylvania, today announced that it has signed 407,054 square feet in new leases and renewals at the Great Valley Corporate Center (GVCC) in fourth quarter 2008.
Office renewals totaling 385,960 square feet of space were signed with Akzo Nobel Coatings, APEX Companies, Diageo and several other tenants. The renewing tenants have been at Great Valley Corporate Center an average of 13 years.
In addition, new office leases with Comtec and FBI-Leeda, Inc. totaled 5,428 square feet of space. Retail leases with Gentlemen’s Cut and V&T Nail Salon, both at The Shops at Great Valley, totaled 1,400 square feet.
“Leasing activity at Great Valley Corporate Center, especially in terms of renewals, continues to be very strong at the start of 2009,” said Tom Sklow, vice president and city manager, Liberty Property Trust. “Great Valley is one of the nation’s great suburban business environments,” said Sklow. “Our portfolio is 97.5% leased to companies of all types and sizes, offering the desired diversity of commercial space and occupancy flexibility that is rare, especially in this kind of setting.”
More than 20,000 people are employed by the region’s leading companies in the 650-acre master-planned Great Valley Corporate Center. The 80-building amenity based master-planned park provides more than five million square feet of office, flex and industrial space.
GVCC is Liberty Property Trust’s flagship and largest suburban project. Strategically located in the heart of historic Chester County, Pennsylvania, GVCC is anchors the Route 202 High-Tech Corridor. Amenities include several hotels, various child and adult care facilities, The Shops at Great Valley, a health club and the local campuses of Penn State University, Drexel University’s LeBow School of Business and Temple University’s Fox School of Business.
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 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 recognized as the 2008 NAIOP (National Association of Industrial and Office Properties) Developer of the Year. For more information, visit www.libertyproperty.com.
Contact: Tom Sklow
Liberty Property Trust
Media: Jenni Pastusak