MALVERN, Pa., July 25, 2011 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) today announced that it has sold four office properties containing 338,000 square feet of space in suburban Milwaukee for approximately $41 million. The transaction closed on July 22.
The properties sold are: 15800 Bluemound Road, Brookfield, WI; 245 South Executive Drive, Brookfield, WI; 20700 Swenson Drive, Waukesha, WI; and 20800 Swenson Drive, Waukesha, WI. The properties were 94% leased at the time of the sale.
"Consistent with Liberty's national strategy we are seeking to decrease our exposure to suburban office properties, and thus far in 2011 we have sold substantial office holdings in several suburban markets," said Neal Driscoll, vice president and manager of Liberty's Milwaukee operation. "Our focus will remain on increasing our industrial footprint."
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 77 million square foot portfolio includes nearly 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants.
SOURCE Liberty Property Trust