90 Days of Intense Activity Brings Building from Empty to Full
ROSEMONT, IL – May 24, 2011 - Liberty Property Trust, (NYSE:LRY), today announced that it has signed a new long-term lease with Caterpillar Logistics Services, Inc., a wholly-owned subsidiary of Caterpillar Inc., for 251,151 square feet of space at 900 Bilter Road, Aurora, Illinois. The execution of the lease with Caterpillar, in tandem with the recent lease agreement with Optimum Nutrition for 212,485 square feet of space, brings the LEED Gold warehouse and distribution center to 100% occupancy.
“It’s been a very intense 90 days. A tremendous amount of activity has taken place, and the result is that we’ve filled a 463,000 square foot warehouse with two very desirable tenants,” said Don Schoenheider, vice president and city manager, Liberty Property Trust. “We greatly appreciate their confidence in us as a landlord and we are very focused on completing the TI, lighting and other improvements on the Caterpillar space during the next three months.”
Caterpillar executed an exhaustive search for space in the I-55 and I-88 market. The company settled on Liberty’s 900 Bilter building because of its proven track record of cost savings from energy efficiency, as well as the excellent access to the I-88 corridor and the strong labor pool.
The 463,636-square-foot industrial building at 900 Bilter Road is part of Liberty Business Center Aurora. The property is LEED® Gold certified by the U.S. Green Building Council (USGBC) for its sustainable design elements, which include energy-reducing features such as fuel efficient heating units, energy efficient light fixtures and increased insulation. Recycled content and materials were also used in the construction of the building. Due to its sustainable design, the building is projected to perform 29% more efficiently than a standard code compliant building.
Colliers International brokers Mark Bell, Jim Estus, and Jeff Kapcheck represented Liberty Property Trust in the transaction. Traci Buckingham and Jonathan Rudersdorf from CB Richard Ellis represented the tenant in the transaction.
About Liberty Property Trust
Liberty Property Trust owns and manages more than seven million square feet of office, flex and industrial property in the Chicago/Milwaukee Corridor, including more than eight major office and industrial parks and projects.
The company, 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.
About Cat Logistics
Caterpillar Logistics Services, Inc. provides world-class supply chain solutions and services to its parent company, Caterpillar Inc., and more than 50 other leading corporations throughout the world. Headquartered in Morton, Illinois, Cat Logistics operates more than 108 offices and facilities in 23 countries on six continents. Cat Logistics provides its full service capabilities to companies in market sectors, which include automotive, industrial and aerospace service parts, consumer durables, technology, electronics and manufacturing logistics. More information is available at www.CatLogistics.com.
General Inquiries: Donald Schoenheider, Liberty Property Trust, 847/698-8140
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301