Liberty Property Trust Breaks Ground on a 215,000 Square Foot LEED Industrial Building at Liberty Center at Rio Salado in Tempe

Market demand remains high across entire Arizona portfolio

Phoenix, AZ - August 7, 2015 - Liberty Property Trust today announced that it will break ground on its first industrial development project in Liberty Center at Rio Salado in Tempe, Arizona to meet tenant demand. Development will commence immediately at 2040 W. Rio Salado Parkway, with expected delivery by the end of 2015.

Liberty has previously completed two LEED®Gold speculative office buildings at Liberty Center at Rio Salado. The first building of 155,000 square feet, 1850 W. Rio Salado Parkway, was completed in October 2014 and is 100% leased. The second building of the same size, 1910 W. Rio Salado Parkway, was completed earlier this year and is 75% leased. The third office building in the center, a build-to-suit LEED Gold office building of 96,000 square feet for DriveTime is currently under construction and is scheduled to come on-line in October.

"There continues to be outstanding demand for office and industrial space across our entire portfolio. We have had tremendous success at Liberty Center at Rio Salado, and we're continuing that momentum," said John DiVall, senior vice president at Liberty Property Trust. "Our local industrial portfolio has reached 100% and the time is right to pull the trigger on new industrial product. This site, located on the west side of the project, adjacent to SR-143 is the ideal location for a Class A industrial building."

The new 215,000 square foot industrial building will be designed and constructed to meet the LEED® Silver level of certification for new construction. The new state-of-the-art facility will feature 30' clear height, 250' building depth, concrete tilt construction, and a 185' expandable full concrete truck court, with visibility on Arizona Route 143 and Red Mountain Loop 202 Freeway.

The architect for the development project is Deutsch Architecture Group, the civil engineer is Wood Patel and the general contractor isWespac Construction. Megan Creecy Herman is directing Liberty's leasing efforts.

The new industrial development comes on the heels of Liberty signing more than 1.1 million square feet of leases year-to-date in the market.

About Liberty Center at Rio Salado

In 2012, Liberty Property Trust was selected by the City of Tempe as the developer for the 100 acre site located at Priest Road and Rio Salado Parkway. Liberty Center at Rio Salado is centrally located in the heart of the Phoenix Metropolitan Area, offers unparalleled visibility from Arizona Route 143 and Red Mountain Loop 202, and is within minutes of Sky Harbor International Airport and Arizona State University. The location is less than five miles from the company's fully leased 1.2 million square foot business park Liberty Cotton Center.

In total, Liberty Center at Rio Salado will offer more than one million square feet of unique LEED certified office, industrial and flex space. Phase I, which when complete will include an outdoor plaza area, seven office and one industrial building. Phase II, which will be located across Priest Drive, is slated to include a hotel, retail and additional office buildings.

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 105 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 1,700 tenants.

General Inquiries: John DiVall, Liberty Property Trust, 480.860.3160

Media Contact: Margo Hunt Winans, a.s.a.p.r., 757.404.8653

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