Press Releases

NAIOP Green Development Award Honors Two Development Companies
Build-to-suit and speculative projects to be awarded at NAIOP's development '07: the annual meeting for commercial real estate

September 19, 2007

Washington, D.C. - The National Association of Industrial and Office Properties (NAIOP), the nation's leading organization representing the interests of commercial real estate executives engaged in industrial, office and mixed-use development, today announced that it has selected two development companies as the recipients of its annual Green Development Award.

The Lazarus Building, developed by the Georgetown Company, New York, N.Y., and JohnsonDiversey, developed by Liberty Property Trust, Milwaukee, Wis., have been selected as outstanding speculative and build-to-suit projects, respectively.

The award will be presented during a special ceremony sponsored by Swinerton Inc. on Wednesday, October 17, at NAIOP's development '07: the annual meeting for commercial real estate, at the Omni Hotel at CNN Center in Atlanta.

"These projects symbolize the innovation, creativity and environmentally-friendly approach that our members are employing to develop model properties," said Thomas J. Bisacquino, NAIOP president.

Lazarus Building Serves as Example of Sustainable Development in Renovation of Community
The Lazarus Building, located in Columbus, Ohio, is a 750,000 square foot mixed-use building, serving as an anchor for the downtown area's revitalization efforts. Upon Federated Department Stores' decision to close the retailer in 2002, The Georgetown Company, on behalf of Mayor Michael B. Coleman and the Columbus Downtown Development Corporation (CDDC), reached an agreement with Federated to donate the building to the CDDC.

CDDC is a not-for-profit corporation organized by Mayor Michael B. Coleman and Columbus' business leadership to oversee the redevelopment efforts of Columbus' historic downtown area. CDDC had requested that The Georgetown Company, a national developer active in central Ohio, serve as its Developer for the Lazarus Building. Upon completing a master plan for the Downtown District, Georgetown commenced the total renovation of the historic Lazarus Building in December 2004. The initial phase of the renovation was completed in April 2007.

The Lazarus Building was subsequently awarded a Gold-level LEED certification from the U.S. Green Building Council, making Lazarus the largest LEED building in Ohio and among the largest internationally to achieve LEED certification via the complete renovation of an older building.

The Lazarus building is presently 95 percent leased. Major tenants include three state agencies including the Ohio Environmental Protection Agency and Columbus' major private and governmental economic development groups, including CDDC and the Chamber of Commerce, as well as city and county development offices. Cash flow generated from the recycled Lazarus Building is being used to finance other redevelopment projects in downtown Columbus

Lazarus has been a showcase for environmentally sensitive and energy efficient technologies, including:

• The recycling of more than 5,600 tons of demolished materials from the building's renovation;
• Establishment of a water-harvesting and grey water system, enabling rainwater to be collected in 40,000 and 50,000 gallon tanks and recycled for toilet use, condenser water needs and irrigation;
• A highly efficient energy system, including an airside economizer utilizing 50 percent outside air as well as a waterside economizer to reduce the runtime for the Building's chillers;
• A Green Roof of one-third of an acre in size using new planting and watering technologies for roofs;

"On behalf of Georgetown, I am pleased to accept this award. During the past 100 years, the Lazarus Building served as a retail icon in Columbus, Ohio," said Lampert. "Recycled Lazarus will now serve as an example of the importance of sustainable development in our everyday lives as well as in the redevelopment of our urban centers. The leadership of Columbus Mayor Michael B. Coleman and CDDC President Guy Worley brought this project to completion and Georgetown is pleased to have been a part of this cooperative effort."

Environmentally Friendly Products Housed in JohnsonDiversey Green Distribution Center
When Liberty Property Trust broke ground on the $21 million warehouse and distribution center for JohnsonDiversey Inc. in Sturtevant, Wis., the developer created the largest green distribution center in the country. The 552,000 square foot build-to-suit project was designed to attain LEED Silver certification from the USGBC. With options to expand up to 830,000 during the 10 year lease, the building may become the largest warehouse in the nation to be LEED certified. A LEED Gold certification is expected in the coming months.

The warehouse provides efficient use of materials and employs energy saving measures such as:

• A white thermoplastic polyolefin, or TPO, roof to reduce solar heat gain for maximum comfort.
• Open space to provide for vegetation, with 70 percent of the project site using plants native and/or adaptive to the area.
• Low emitting materials for construction, including interior paints, adhesives, sealants and carpeting to maintain air quality.
• Of the 964 tons of waste created during construction, 941 tons were recycled.
• Various lighting systems using florescent lights and occupancy sensors.

Third Annual Award Presented by NAIOP
NAIOP created the Green Building Award in 2005 to recognize the growing number of firms engaged in green development. NAIOP and its member companies are committed to developing model properties adhering to the highest standards in the industry and believe that socially conscious development is essential to the economic vitality of the industry and the nation.

Following a nomination period, three finalists in each category, speculative and built-to-suit, were selected for the award. Applicants were judged on a number of criteria, including sustainable sites, indoor environmental quality, water efficiency, energy and atmosphere, economic viability and other sustainable attributes. Entries for the award were reviewed by industry leaders, including members of the U.S. Green Building Council and its affiliate, the Green Building Alliance.

Previous recipients of the award include (2005) Corporate Office Properties Trust for its development at 318 Sentinel in Annapolis Junction, Md., and (2006) Hines for their project at 1180 Peachtree in Atlanta, Ga.

About NAIOP: The National Association of Industrial and Office Properties is the nation's leading trade association for developers, owners, investors and asset managers in industrial, office and mixed-use commercial real estate. Founded in 1967, NAIOP comprises more than 15,500 members in 54 North American chapters and provides networking opportunities, educational programs, research on trends and innovations and strong legislative representation. For more information, visit www.naiop.org.

About the Georgetown Company:About the Georgetown Company: The Georgetown Company is a privately-held real estate development company having its principal office in New York City. Georgetown and its principals have developed in excess of 25 million square feet of office, residential, retail, entertainment and recreational properties. Georgetown's projects include the redevelopment of Madison Square Garden and the development of the iconic Frank Gehry-designed headquarters of InterActive Corp. in New York City; the development of the award-winning 1,300 acre Easton mixed-use office, retail and residential community, and the master planning and development, in partnership with Leslie Wexner, of the 8,000 acre New Albany planned community in central Ohio; and the master planning and redevelopment of the Paramount Pictures Studio and Sony Pictures Studio in Los Angeles, California. More recently, it completed the recycling of the 750,000 sq. ft. Lazarus Department Store Building in Columbus, Ohio, which has received a Gold-level LEED certification by the U.S. Green Building Council for its environmental sustainability.

About the Columbus Downtown Development Corporation: The Columbus Downtown Development Corporation (CDDC) is a private, non-profit development organization designed to lead City-changing projects. CDDC was created in 2002 to implement the Downtown Strategic Plan and is now focused on making Downtown Columbus one of the most attractive center cities in the United States.

About Liberty Property Trust: Liberty Property Trust (NYSE:LRY), headquartered in suburban Philadelphia, 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 65 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 2,100 tenants.

FOR IMMEDIATE RELEASE

Media Contacts:
Kathryn Hamilton
National Association of Industrial and Office Properties (NAIOP)
Vice President for Marketing and Communications
(703) 674-1429

The Lazarus Building
Lisa Hinson, Media Contact
Columbus Downtown Development Corp.
(614) 416-7100

Amy Edwards Taylor
Vice President, Strategy and Marketing
The Georgetown Company
614) 645-3942

JohnsonDiversey Inc. Building
Jeanne Leonard
Vice President, Investor Relations
Liberty Property Trust
(610) 648-1704

Robbie Raffish
asapr Public Relations
(410) 883-2000