Liberty Property Trust Acquires a Vacant, Lehigh Valley, PA Warehouse and Signs a Lease for 63% Occupancy the Day After Closing

BETHLEHEM, Pa., July 18, 2011 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY), has announced it has purchased a 535,000 square foot, Class A distribution property at 7533 Industrial Park Way in Macungie, PA for a total investment of approximately $32 million, which includes approximately $8 million in transaction-related costs and anticipated costs associated with leasing the property to achieve stabilized occupancy. The transaction closed on June 20, 2011.

With the exception of one, short-term lease which has terminated, the property has been vacant since it was developed five years ago. The day after the purchase, Liberty executed a long-term lease for 63% of the building (337,500 square feet of space). The new tenant will take occupancy on January 1, 2012.

"The Lehigh Valley distribution market is strengthening quickly. With very low vacancy in our portfolio and options in the marketplace dwindling for companies seeking space, we see the opportunity to grow," said Bob Kiel, senior vice president, Liberty Property Trust.  

The building is located adjacent to Route 100, providing quick, dependable access to Philadelphia, Harrisburg, New York, Baltimore and Washington DC via direct connections with I-78, I-476, US-22, I-81, I-83 and I-80. The cross-docked distribution facility offers 32' clear heights, ESFR sprinkler systems, 130' deep truck court and energy-saving lighting and HVAC.

About Liberty Property Trust

Liberty Property Trust owns and manages more than 16 million square feet of office, flex and industrial space in the Lehigh Valley, and is the largest commercial real estate landlord in the region. The company owns significant holdings in the Allentown/Bethlehem Corridor as well as in the Harrisburg, PA and Hagerstown, MD areas.

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 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.

SOURCE Liberty Property Trust

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