EDEN PRAIRIE, MN – July 9, 2010 - Liberty Property Trust (NYSE:LRY) today announced that Dominium Management Services LLC has signed a long term lease at Northwest Business Campus I, effective August 1. With the signing of this lease for 31,261 square feet, occupancy in the building reaches 95%.
“We are seeing the first real wave of companies looking for new or significantly expanded space,” said Brad Butler, senior leasing representative for Liberty in Minnesota. “This lease with Dominium is long term and forward thinking, meaning the tenant has taken space with room to grow – both encouraging signs that the market is shifting into a more positive outlook.”
Dominium is a national residential property management company that has been in business for more than 35 years. The location at Northwest Business Campus I will serve as the company’s headquarters.
“Despite two expansions in the past 13 years, most recently in October 2007, our staff has simply outgrown our current building,” explains Jon Segner, president and chief operating officer, Dominium. “We are confident that our new location will comfortably serve our employees, partners and portfolio, and allow for continued growth and new opportunities.”
Other tenants in the building include Sorin Group, USA; Van Sickle Allen & Associates, DOT Hill Systems and TASC. Liberty also owns the sister building Northwest Business Campus III which offers 90,424 square feet of space. Amenities in the area include numerous restaurants, medical facilities and convenient access to major freeways. The park is located at the intersection of Northwest Boulevard and Highway 55.
Founded in 1972 by David Brierton and Jack Safar, Dominium is a Minneapolis-based owner, developer and manager of apartment communities nationwide. With more than 19,000 owned and/or managed units at over 210 sites in 19 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. For more information, visit www.dominiumapartments.com.
About Liberty Property Trust
Headquartered in Malvern, PA, Liberty 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 78 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 www.libertyproperty.com.
Liberty Property Trust owns and manages nearly 3.7 million square feet of office, flex and industrial property in the Minnesota region, including more than 45 major parks and buildings.
General Inquiries: Dave Jellison, Liberty Property Trust, 952/947-1100
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 410/883-2000