Liberty Property Trust : Signs First Two Leases at New Liberty Logistics Center II in Phoenix

Essendant Co. Pre-leases 60% of 1500 South 71st Avenue; Basic Components, Inc. Signs at 7205 West Buckeye Road

Phoenix, AZ - January 19, 2017 - Liberty Property Trust today announced that it has signed leases with its first two tenants at Liberty Logistics Center II, the company's new 73-acre industrial park in Phoenix. First, Essendant Co. has pre-leased 261,880 square feet of space at 1500 South 71st Avenue. Liberty broke ground on the 437,105 square foot state-of-the-art distribution facility late last year. In addition, Basic Components, Inc. signed a deal to occupy 44,722 square feet at the newly completed 7205 West Buckeye Road.

'We have experienced strong interest in Liberty Logistics Center II, which has filled a hole in the market for high-quality, multi-tenant industrial space in the southwest valley,' said John DiVall, senior vice president and market officer for Liberty Property Trust. 'Our plan for Liberty Logistics Center II allowed us the flexibility to easily meet the varying needs of these two first tenants, providing them with highly- customizable industrial solutions in the heart of the southwest valley's distribution core.'

Essendant Co. will occupy 261,880 square feet representing 60% of the new building, slated to be completed in the summer of 2017. The cross-dock distribution building will feature 400' building depth, 36' clear height with concrete tilt construction, 3600 amps of power and full concrete truck courts. It is designed to achieve LEED® certification.

This spring, Basic Components, Inc. will move into its new space at 7205 West Buckeye Road, Liberty's first building to be developed at Liberty Logistics Center II. The just-completed, 222,910 square foot distribution facility features 215' building depth, 30' clear height with grade and dock level loading, concrete tilt construction, 3600 amps of power and full concrete truck courts and is designed to achieve LEED® certification. The building is now 20% leased with approximately 178,000 square feet available for lease.

Liberty has also prepared the pad for the third building at the park, a 280,280 square foot, 260' deep rear-loaded warehouse. DiVall estimates the park will be completed within the next three years, at which point it will comprise approximately 1.5 million square feet of multi-tenant industrial space.

Don MacWilliam, Payson MacWilliam and Rob Martensen of Colliers International and Megan Creecy-Herman of Liberty will be responsible for leasing on the project. The architect for the building is Deutsch Architecture Group and the general contractor is Graycor Construction.

In addition, Essendant Co. was represented by Trevor Ragsdale, Bill Honsaker, Marc Hertzberg, and Tony Lydon of JLL while Basic Components, Inc. was represented by Don MacWilliam and Payson MacWilliam of Colliers International.

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 566 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.

General Inquiries: John DiVall, Liberty Property Trust, 480.860.3160

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