DISTRICT OF COLUMBIA – August 30, 2011 - Liberty Property Trust (NYSE:LRY) today announced it completed seventeen leases, totaling 263,000 square feet of office space, in Northern Virginia during the first half of 2011.
“Liberty has been able to accomplish these deals despite the fact that several Northern Virginia submarkets have experienced negative net absorption,” said Michael Jones, vice president and city manager, Liberty Property Trust. “During this time we executed seven new leases and helped three existing tenants expand. In addition, our renewal activity included several key transactions and totaled more than 200,000 square feet.”
The largest new lease during the time period was with Paragon Systems for 11,683 square feet at Republic Park VI (in Herdon, VA.) The largest renewal was with GSA at WillowWood Plaza (in Fairfax, VA) for 92,992 square feet and the largest expansion was with iDirect, which added 6,276 square feet to its lease at President’s Park (also in Herndon, VA ).
Liberty Property Trust owns and manages approximately 2.6 million square feet of office space in the Washington DC/Northern Virginia region. Major buildings in the District of Columbia include The Liberty Building at 1129 20th Street, NW – a LEED Gold office building – and The Republic Building at 1425 New York Avenue, NW. Significant Northern Virginia office park holdings include Pender Business Park and WillowWood Plaza (both in Fairfax), Presidents Park and Republic Park (both in Herndon) and Lakeside I and II at Westfields Corporate Center (in Chantilly.)
About Liberty Property Trust
Liberty Property Trust, 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 2,000 tenants at nearly 700 properties. The company is a leader in the development of high performance green buildings. For more information please visit www.libertyproperty.com.
General Inquiries: Mike Jones, Liberty Property Trust, 703/880-2919
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301