FOR IMMEDIATE RELEASE
Contact: Robert Kiel
Liberty Property Trust
Media: Robbie Tarpley Raffish
LIBERTY PROPERTY TRUST LEASES MORE THAN 600,000 SQUARE FEET
DURING THE FIRST QUARTER OF 2009
LEHIGH VALLEY, PA – April 8, 2009 -- Liberty Property Trust (NYSE:LRY) today announced that it has signed new leases totaling 212,755 square feet, and renewed more than 394,800 square feet in the Lehigh Valley and Harrisburg regions.
The company reports five new lease agreements in the Lehigh Valley/Harrisburg regions in the first quarter of 2009.
The largest lease for the quarter was with Acuity Specialty Products, Inc./ZEP, which leased 98,280 square feet of industrial space, with the option to expand, at 860 Nestle Way, Breingsville, Pennsylvania.
“A key concept of the ZEP strategy is to align our distribution and manufacturing operations closer to our customer’s geographic markets,” said Joe O’Brien, president, ZEP East. “Partnering with Liberty enabled us to secure the new ZEP East facility in Breinigsville, PA where all the critical ZEP East customer-facing functions will be based to facilitate us better servicing our customers.”
Additional leases for the quarter included:
An undisclosed tenant leased 67,510 square feet of warehouse space at 860 Nestle Way, Breingsville, Pennsylvania.
Franklin Storage, L.P leased 27,965 square feet of warehouse space, with the option to expand, at 95 Kriner Road, Chambersburg, Pennsylvania
Win-Holt expanded by leasing an additional 15,000 square feet of flex/warehouse space at their current location of 7028 Snowdrift Road, Allentown, Pennsylvania.
Priority Express leased 4,000 square feet of office/flex space at 1510 Valley Center Parkway, Bethlehem, Pennsylvania.
The company reports multiple lease renewals in the first quarter of 2009 in the Lehigh Valley/Harrisburg regions. Some of these are as follows:
The Wasserstrom Company renewed their lease for 66,495 square feet of flex/warehouse space at 2202 Hangar Place, Allentown, Pennsylvania.
Lehigh University, Centennial School renewed their lease for 31,340 square feet of office/classroom space at 2196 Avenue C, Bethlehem, Pennsylvania.
Kids in Cooperation Development renewed their lease for 22,800 square feet of office/classroom space at 57 South Commerce Way, Bethlehem, Pennsylvania.
Ossur Americas renewed their lease for 10, 959 square feet of flex/warehouse space at 2201 Hangar Place, Allentown, Pennsylvania.
National Museum of Industrial History renewed their lease for 9,600 square feet of flex space at 744 Roble Road, Allentown, Pennsylvania.
MedStar Television renewed their lease for 12,000 square feet of flex space at 7277 William Avenue, Allentown, Pennsylvania.
CitiGroup Global Markets Inc. renewed their lease for 3,595 square feet of office space at 74 West Broad Street, Bethlehem, Pennsylvania.
Gerhart Scale Corporation renewed their lease for 8,400 square feet of flex space at 754 Roble Road, Allentown, Pennsylvania.
Penn-Med Consultants, Inc. renewed their lease for 11,200 square feet of office/flex space at 964 Marcon Boulevard, Allentown, Pennsylvania.
• IKON Office Solutions, Inc. renewed their lease for 3,313 square feet of office space at 83 South Commerce Way, Bethlehem, Pennsylvania.
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 77 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 national leader in the development of high performance green buildings with more than seven million square feet of new sustainable development either completed or under construction worldwide. For more information visit www.libertyproperty.com.