More Than 750,000 Square Feet of Leasing Keeps Liberty Property Trust at Full Occupancy in Richmond and Norfolk

RICHMOND – September 4, 2018 – Seventeen leases executed in the first half of 2018 are keeping Liberty Property Trusts’ Richmond and Norfolk portfolios at 100% occupancy. The mostly renewal agreements totaled more than 750,000 square feet of space.

“Tenants are choosing to stay with our properties, which we find very gratifying,” said Brian Felton, Senior Director, Leasing and Development for Liberty in Richmond. “That said, we are receiving an uptick in inquiry from prospects asking about potential vacancies ranging from 18,000 to 81,000 square feet, with some seeking access to rail at Richmond Distribution Center.”

He added, “Richmond is experiencing a renaissance as a regional distribution hub which is driving the need for more buildings in the 150,000 to 200,000 square foot range, both single and multi-tenant.”

In Suffolk, where the company owns and operates four buildings, Felton is marketing 123,000 square feet of space across two buildings at Bridgeway Commerce Center, as early as October.

Broker Relationships Crucial to Success

More than a dozen Richmond-area brokers partnered with Liberty in the first half of the year, representing:

  • CBRE: Patrick Sentner
  • Colliers: Chip Louthan, Jason Hetherington, Bill Mattox
  • Cresa/Divaris: Cherlye Toy, Gary Gregg
  • Cushman & Wakefield: Dawn Calabrese, Greg Lance
  • JLL: Danny Holly, Muscoe Garnett, Jake Servinsky, Chris Avellana
  • E. Perry Company: Russell Perry, Jr.

About Liberty Property Trust

Liberty Property Trust (NYSE:LPT) owns and manages 3.6 million square feet of space across 25 industrial buildings in the metro Richmond region and approximately 800,000 square feet of space in four industrial buildings in the Norfolk area.

The company 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 industrial and office properties. Liberty's 103 million square foot portfolio provides productive work environments for 1,200 tenants.