HAMPTON ROADS, VA –January 30, 2009 - Liberty Property Trust (NYSE: LRY), one of the largest owners and managers of Class A office space in Hampton Roads, today announced that it has signed 73,600 square feet in lease renewals and new leases in the fourth quarter of 2008.
“Liberty had its best year ever in Hampton Roads,” said Craig Cope, vice president and city manager, Liberty Property Trust. “We are pleased with the level of renewals and new deal activity despite the slow economy.”
In the fourth quarter 2008, Liberty’s new lease transactions totaled more than 17,000 square feet. In addition, more than 56,600 square feet of office, flex and warehouse space was renewed, most notably with long-time tenants Verizon and Northrop Grumman.
Liberty Leads the Way in Sustainable Development
During 2008, Liberty was recognized in several ways 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, and was also the proud recipient of the CoreNet Global 2008 Sustainability Leadership Award for Design & Development.
During the year Liberty opened the doors to a number of high performance buildings, most notably Comcast Center, the nation’s tallest green building, located in Philadelphia. Hampton Roads is home to Liberty sustainable design projects such as the recently completed Independence Place, a 73,500 square foot LEED® Gold certified building. Liberty has developed three sustainable projects in the state of Virginia, including Liberty Three (a LEED Silver certified building), the first commercial building in Hampton Roads to receive LEED status. Nationwide, Liberty has invested more than $1 billion in 42 USGBC LEED registered and certified sustainable development projects.
About Liberty Property Trust
Liberty owns, leases and manages 27 properties in Hampton Roads, providing approximately 1.8 million square feet of office, industrial and warehouse space in Virginia Beach, Suffolk, Chesapeake and Hampton.
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: Craig Cope
Liberty Property Trust
Media: Margo Hunt Winans