FOR IMMEDIATE RELEASE
General Inquiries: Dave Jellison, Liberty Property Trust, 952/947-1100
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 410/883-2000
LIBERTY PROPERTY TRUST WELCOMES THREE NEW TENANTS IN MINNESOTA
Lease with Sara Lee Corporation brings 10400 Viking Drive to 100% occupancy
EDEN PRAIRIE, MN – August 24, 2009 - Liberty Property Trust, (NYSE:LRY), the real estate investment trust that owns and manages nearly four million square feet of office, flex and industrial space throughout Minnesota, today announced it has completed three new long term leases for a total of 20,650 square feet of space.
“Market conditions remain challenging but these three leases – and the increased interest in our portfolio overall – are cause for cautious optimism,” said Dave Jellison, senior vice president and city manager, Liberty Property Trust. “Our occupancy has been slowly rising during the last few months and we look forward to continuing the trend.”
At 10400 Viking Drive in Eden Prairie, Sara Lee Corporation signed a long term lease for 8,127 square feet, bringing this building to 100% occupancy. The 26,238 square foot, five-story Class A office building offers a wide variety of amenities including a deli, underground parking, structured parking, building conference room w/ video conferencing, walking trails, and shower facilities.
The other two leases are for flex space at Liberty’s Northwest Business Campus I in Plymouth. AlwaysBEthere, Inc. has signed a long term agreement for 4,785 square feet and Total Administrative Services Corporation (TASC) has signed a long term agreement for 7,738 square feet of space.
The new leases bring the building to 95% occupancy. Liberty owns four flex (office/warehouse/light manufacturing) buildings in Northwest Business Campus, offering a total of nearly 320,000 square feet of space.
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 leader in the development of high performance green buildings. For more information visit www.libertyproperty.com.