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MarketScreener Homepage  >  Equities  >  Nyse  >  Liberty Property Trust    LPT

LIBERTY PROPERTY TRUST

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Liberty Property Trust : to Develop Liberty Center at Rio Salado

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03/19/2013 | 07:38am EDT

PHOENIX, AZ - March 18, 2013 - Liberty Property Trust today announced that it will develop a sustainable mixed-use business park on 100 acres purchased from the City of Tempe last month. The company is developing a site plan for the new park which will be known as "Liberty Center at Rio Salado."

"After several years of continued success at our nearby Liberty Cotton Center , we sought opportunities that would allow us to continue to offer national and regional tenants opportunities to relocate to or expand," said John DiVall, senior vice president and city manager for Liberty's Arizona region. "Liberty Center at Rio Salado is centrally located in the heart of the Phoenix Metropolitan Area and it will offer a terrific mix of office, flex and industrial space, and, we anticipate, hotel and retail locations."

The Tempe City Council approved the purchase of the first 80 acres of land at Priest Road and Rio Salado Parkway in February. Liberty has the option to purchase 20 more acres at the location once development has begun.

"The City of Tempe offered its land for this project because we recognize that it is our role to encourage high-quality development and foster the growth of our local economy," said Tempe Mayor Mark Mitchell. "We are proud to welcome Liberty Center at Rio Salado to Tempe and look forward to watching it thrive, provide jobs and add to our community."

Liberty also plans to announce the development of its first speculative building on the site later this year. All buildings it develops at the park will be designed to meet LEED certification with a focus on energy efficiency.

The park will offer visibility from Arizona Route 143 and Red Mountain Loop 202, within minutes of Sky Harbor International Airport. Liberty has launched a website featuring information about the park and the surrounding area: www.libertycenteraz.com.

"This is a prominent piece of real estate that will allow tenants many benefits, from its central location to the airport and major highways to access to a strong, well educated labor pool," added DiVall. "We expect to grow here for many years to come."

Liberty Property Trust currently owns and manages more than two million square feet of space in Phoenix, Tempe, Goodyear and Tolleson. Some of its holdings include Liberty Cotton Center, Liberty 303 Business Park, Liberty Tolleson Center, Liberty Sky Harbor Center, and the LEED Gold and Energy Star certified 8501 East Raintree Drive office building.

About Liberty Property Trust

Liberty Property Trust (NYSE:LRY) 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 81 million square foot portfolio includes 680 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants. For more information visit www.libertyproperty.com.

General Inquiries: John DiVall, Liberty Property Trust, 602/808-3500
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301


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Capitalization 9 763 M 9 763 M -
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NameTitle
Antonio F. Fernandez Independent Director
James J. Mazzarelli Senior Vice President & Regional Director
Anthony Nichols Vice President & City Manager
Andy Petry Vice President & Market Officer-Florida
Joseph A. Trinkle Senior Vice President & Regional Director
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