Liberty Property Trust : Announces Plans to Redevelop a Five-Acre Industrial Site Near O'Hare International Airport

Plans include a 96,962 square foot high-efficiency industrial building

Elk Grove, IL - December 20, 2016 - Liberty Property Trust today announced that it has acquired a five- acre property in the O'Hare Airport metro area, which it plans to redevelop beginning in early 2017. The property, located at 350 North York Road in Bensenville, includes a 60,000 square foot building that Liberty plans to raze and replace with a 96,962 square foot high efficiency industrial building.

'There continues to be strong demand for quality industrial properties near O'Hare and this acquisition aligns with our strategy in Chicago to look for desirable infill redevelopment opportunities,' said Neal Driscoll, vice president and market officer for Liberty. 'This project will replace an outdated trucking facility with a modern, class A industrial building that fits the needs of logistics related companies around the airport. With the extension of the Elgin O'Hare Tollway, this site as well as many others in Bensenville, will become even more dynamic. We are very excited to go vertical with our new development and we are very grateful for all the help from the Village of Bensenville who has been an outstanding partner through the process thus far.'

Liberty anticipates shell completion of the $11.6 million development project in the third quarter of 2017. The building, which has been designed to achieve LEED® Certification, will feature 32' clear heights, 48' x 54' bay spacing, 20 exterior docks, 113 cars and two drive-in doors. The property is only minutes from both the north and south O'Hare cargo entrances. Matt Neumann of Liberty along with Steve Stone and Eric Fischer of Cushman and Wakefield will be responsible for leasing.

With the completion of this building, Liberty will own 13 properties offering a combined one million square feet in the O'Hare market. This is the second infill redevelopment project for the company in the market, having completed a similar effort at 333 Howard Avenue in Des Plaines in 2015. Liberty's Illinois/Wisconsin portfolio currently includes 48 buildings offering approximately 12.25 million square feet of class A industrial and flex space.

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 96 million square foot portfolio includes more than 566 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.

General Inquiries: Neal Driscoll, Liberty Property Trust, 847.264.2120

Media Contact: Jen Meyer, a.s.a.p.r., 201.914.9957