Liberty Property Trust Sells 14 Properties in Richmond

RICHMOND, Va., May 12, 2011 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) today announced that it has sold 14 office and flex properties totaling 918,889 square feet of space in Richmond for approximately $97 million. The properties were purchased by Lingerfelt Development.

"Consistent with Liberty's national strategy, we are seeking to decrease our exposure to suburban office properties," said Craig Cope, vice president and city manager for Liberty's Virginia operation, which includes the Richmond and Hampton Roads markets. "Going forward, we will focus on increasing our industrial footprint in the Richmond market."

The properties are located in Westgate at Wellesley, Innsbrook Corporate Center and Deep Run Corporate Center. The properties were approximately 98% leased at the time of the sale.

Liberty continues to own nearly four million square feet of office and industrial properties in the Richmond area.  The region also manages approximately 1.7 million square feet of office and industrial space in Hampton Roads.

About Liberty Property Trust

Liberty Property Trust, 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.

SOURCE Liberty Property Trust

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