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Liberty Property Trust Helps iDirect Expand by More Than 25% at Presidents Park I and II in Herndon
The sixth expansion in the office park since an initial lease in 2004 highlights the value of customer service

 

HERNDON, VA – December 12, 2013 – Liberty Property Trust today announced that iDirect, a decade-long tenant at Presidents Park in Herndon, has renewed and expanded its lease for the sixth time since moving to the complex. The agreement totals 99,710 square feet, with the expansion increasing their footprint by 20,550 square feet and consolidating the majority of its leased space into one building.

 

The agreement provides iDirect with a lease for  88,183 square feet at Presidents Park I (in which they previously leased 35,753 square feet,) while retaining 11,527 square feet in Presidents Park II (in which they previously leased 43,407 square feet.)

 

According to Mike Jones, vice president and city manager for Liberty in Northern Virginia, the expansion comes at a time when many tenants are reducing their footprint as a result of continued economic uncertainty or because of fundamental changes in the way they use office space. By listening to iDirect’s needs, working with another tenant in Presidents Park I to free up space, and paying close attention to property management topics, Liberty was able to retain a tenant that might otherwise have gone elsewhere.

 

“This deal was very important to us on two levels. First, there’s no doubt we worked hard to figure out how to manage the space issues so that iDirect would achieve its goals,” said Jones. “However, I believe it was the long-term dedication of our property management team that allowed the tenant to give us the opportunity. They were already ‘happy’ so we were able to show them how they could stay that way.”

 

An internal fit-out will occur in the first half of 2014. The move should be complete by the third quarter of next year. iDirect moved into Presidents Park II in 2004 with a lease of 24,192 square feet.

 

Liberty Property Trust own and manages approximately two million square feet in Northern Virginia. Major holdings include Presidents Park, WillowWood Plaza and Liberty Park.

 

About Liberty Property Trust

 

Liberty is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties.  Liberty's 106 million square foot portfolio consists of 843 properties providing office, distribution and light manufacturing facilities to 2,100 tenants.

 

General Inquiries: Mike Jones, Liberty Property Trust, 703/880-2900

Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301