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Liberty Property Trust Nears Completion of a $2.8 Million Renovation at WillowWood Plaza

Largest Office Park in City of Fairfax Boasts Lobby and Property Upgrades – and a prized ENERGY STAR® Certification

Herndon, VA – April 3, 2014 – Liberty Property Trust today announced that it will complete a four-year, $2.8 million renovation program at WillowWood Plaza (Eaton Place), its Class A office park in the City of Fairfax, Virginia, this spring. The project updates the four mid-rise building complex with particular focus on the two older buildings in the park.

The first two buildings, Building 1 at 10300 Eaton Place and Building 2 at 10306 Eaton Place were built in 1988. Two more, Building 3 at 10304 Eaton Place and Building 4 at 10302 Eaton Place were added in 1999. Together they offer 525,000 square feet of space. The project is 75% occupied with both large and smaller spaces available for lease.

 “This complex is the largest in Fairfax City and one of the largest in the county – and offers some of the best office space available in both,” said Mike Jones, vice president and city manager. “Our objective with this capital investment is to maintain the assets high quality and provide productive and energy efficient spaces with on-site amenities for many, many years to come.”

As part of the renovation, all four buildings received upgrades to exterior façades. The parking lot surface was completely replaced and landscaping was upgraded.

In the Buildings 1 and 2, major improvements were initiated, including enhancements to the entryways, atriums and elevator cabs and the installation of new ceilings and lighting. Each is in process of receiving new furniture and flat screen televisions.

In the near term, the company also plans a refurbishment of the on-site deli and cosmetic upgrades to the Fitness Center, both located in Building 2.  The company earned an Energy Star certification for Buildings 1 and 2 in 2013. The label recognizes the properties for their operating efficiency, often saving tenants as much as 30% on annual energy expenses. 

Colliers Northern Virginia has been retained to represent WillowWood Plaza on behalf of Liberty. Andy Klaff will lead the Colliers leasing team of Jeff Tarae, David Gast, Kat Camacho and Taylor Caparosa.

Liberty Property Trust acquired WillowWood Plaza in 2006. Comprised of four 5-story buildings, the Class A complex has won numerous awards, including a “Superior” rated Community Appearance Award from the City of Fairfax in 2013 and Fairfax City’s “Best Commercial Project” in 2005 and 2006.

WillowWood Plaza features on-site property management, a welcoming public courtyard plaza with a fountain; high speed elevators; free parking above and below ground; a full fitness center with locker rooms and showers and a jogging trail, with numerous hotels and restaurants in a one mile radius. The campus is located with easy access to Interstate 66, Route 50/29, and Route 123. Located 1-mile west of the Vienna Metro Station with a private shuttle provided to Willow Wood Plaza tenants Monday through Friday.

About Liberty Property Trust

Liberty Property Trust (NYSE:LPT) 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 100 million square foot portfolio includes 746 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.

General Inquiries: Mike Jones, Liberty Property Trust, 703.880.2900

Media Contact: Robbie Raffish, a.s.a.p.r., 443.944.9301