New Liberty tenant moving to Great Valley Corporate Center from Research Triangle Park in North Carolina

Malvern, PA – April 21, 2010 - Liberty Property Trust, (NYSE:LRY) today announced that it has signed a total of 60,502 square feet of new and renewed leases in the first quarter of the year. Included in the first quarter lease agreements is Phase Bio Pharmaceuticals, coming to Liberty from Research Triangle Park in North Carolina. Phase Bio Pharmaceuticals signed a new lease for 15,881 square feet at 1 Great Valley Parkway, Ste 30, in Malvern, Pennsylvania.

“The Liberty management team was instrumental in helping us complete an efficient relocation of our company from North Carolina to Malvern, PA,” said Christopher P. Prior, Ph.D, Chief Executive Officer, Phase Bio Pharmaceuticals. “The facility was ready on schedule driven by a very professional project management process. Liberty paid that extra attention to detail so that our start-up operations after moving from NC were seamless. On behalf of Phase Bio and our investors, we thank Liberty for their support and making us feel welcome in our new home.”

The remaining new and renewed leases in Great Valley Corporate Center totaled 29,093 square feet.

• Mangos Graphics, Inc. renewed a long term lease for 13,023 square feet at 10 Great Valley Parkway in Malvern, Pennsylvania.



• Performance Development Group signed a lease at 5 Great Valley Parkway, Suite 200, for 6,257 square feet.



• VEECO signed a new lease for 3,500 square feet at 7 Great Valley Parkway, Suite 190, in Malvern, Pennsylvania.



• Y-Prime signed a new lease for 3,330 square feet at 7 Great Valley Parkway, Suite 140, in Malvern, Pennsylvania.



• Shifa Biomedical Corp. signed a lease at 1 Great Valley Parkway, Suite 8, for 2,983 square feet.

Cutanea Life Sciences is moving from 5 Great Valley Parkway, Suite 200 to Suite 355 to occupy 3,330 square feet and Integrated Software Solutions renewed 1,546 square feet at 5 Great Valley Parkway, Suite 110, in Malvern, Pennsylvania. In addition, Quaker Funds, Inc. renewed 4,756 square feet at 309 Technology Drive in Malvern, Pennsylvania.

Liberty signed two new lease agreements and one renewal on East Swedesford Road totaling 14,861 square feet and two additional renewals at 1500 Liberty Ridge Drive, totaling 10,360 square feet, all in Wayne, Pennsylvania.

About Liberty Property Trust

Liberty Property Trust (NYSE:LRY) owns and manages more than 16 million square feet of office and industrial space in southeastern Pennsylvania. 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 2,000 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.

General Inquiries: Tom Sklow, Liberty Property Trust, 610/722-4160
Media Contact: Jenni Pastusak, a.s.a.p.r., 443/944-6285