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Liberty Property Trust to Develop a 75,200 Square Foot Facility for AppTec Laboratory Services of St. Paul, MN at the Philadelphia Navy Yard.

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--Feb. 19, 2003

Liberty Property/Synterra LP Also Announces an Agreement to Develop an

Office Park Adjacent to the AppTec Facility

Liberty Property Trust (NYSE:LRY) will develop a 75,200 square foot, single-story laboratory and biopharmaceutical manufacturing facility for AppTec Laboratory Services, Inc., a biosafety testing and services company based in St. Paul, Minnesota.

The project represents the first new private construction at the Philadelphia Navy Yard as well as a significant move by a company to the City of Philadelphia.

Liberty has purchased a 15-acre parcel of land for the project from the Philadelphia Industrial Development Corporation (PIDC). Liberty will develop the building and has entered into a long-term lease with AppTec. In addition to an $8.25 million investment by Liberty, the project will receive financial support from PIDC via a grant and a low interest loan.

Additional financial incentives are being provided by the Commonwealth of Pennsylvania. The project is located in a Keystone Opportunity Zone (KOZ.)

"The AppTec project is a wonderful example of how several diverse organizations, working together for the benefit of Philadelphia, can initiate positive economic and social change," said John F. Street, Mayor of Philadelphia. "This is the first step in the revitalization of the Navy Yard and a significant contribution to the future growth of the local economy."

AppTec will employ approximately 200 people at the new facility. Many of these positions will be highly technical and require Ph.D.s , other graduate-level degrees and/or a science background.

"This new facility will be crucial to our ability to expand our current biopharmaceutical testing services to include biologics manufacturing," said Bonnie Baskin, Ph.D., Chief Executive Officer, AppTec Laboratory Services, Inc. "We looked at a number of sites in a number of cities, and it is to the credit of Liberty, the PIDC, Innovation Philadelphia and the Mayor's office that we became aware of the benefits of locating in Philadelphia. It's exactly where we need to be in order to grow and thrive. For one thing, the area has an established and expanding base of major pharmaceutical and research institutions. For another, it offers an educated, sophisticated population from which to draw our employees."

Peter Longstreth, President of PIDC added, "The agreement with AppTec represents a significant milestone in the renaissance of the Navy Yard. AppTec will bring exactly the kind of jobs our city needs - jobs that can and will have a long-term impact in Philadelphia in terms of creating and reinforcing our city as a center for pharmaceutical research and development."

Liberty, which owns and manages property throughout the East Coast, Midwest and Southwest, drew on its national presence to help bring AppTec to Philadelphia.

"It is gratifying that we have been able to build upon a relationship with the principals of AppTec which began five years ago when I was managing Liberty's Minnesota office," said John Gattuso, Senior Vice President, Liberty Property Trust. "This is an exciting project not only because of that relationship, but also because it utilizes our experience in the development of public-private projects, particularly in connection with the City of Philadelphia, to create a project that will make an important contribution to the Navy Yard's redevelopment."

A second building, of up to 75,000 square feet, is on the drawing board to accommodate the further future expansion of AppTec's operations.

Liberty Property/Synterra LP to Develop 70 Acre Class "AA" Office Park

Liberty has also executed an agreement with the Philadelphia Industrial Development Corporation, through the entity Liberty Property/Synterra Limited Partnership, to develop up to 1.1 million square feet of office space in nine (9) new class AA buildings to be constructed over a period of ten to twelve years. The project is based upon a master plan being created in conjunction with PIDC.

This new corporate community, to be known as The Navy Yard Corporate Center, will be situated at the intersection of Broad Street and League Island Boulevard. The previously mentioned AppTec Laboratory Services Inc. facility will be located immediately east of the Navy Yard Corporate Center.

The principal of Synterra Partners, William Wilson, stated that his firm "is excited about combining the experience and strength of Liberty with the high-tech expertise of Synterra Partners to make the Navy Yard Corporate Center a vibrant commercial area."

The project pulls together a number of leaders in the architectural field from the United States and abroad.

"The design of this new business center will enjoy the leadership and vision of a world-class design team headed by Robert A.M. Stern Architects (New York), the design architect of Liberty's One Pennsylvania Plaza tower in Center City," said Mr. Gattuso. "The team includes leading design firms EDAW (San Francisco), Nicholas Grimshaw & Associates (London), and Kelly/Maiello and Daroff Design (both of Philadelphia). It is quite a collection of talent."

About AppTec

AppTec offers comprehensive, high-quality biosafety laboratory testing services and specialty contract manufacturing for the medical device, biopharmaceutical and tissue engineering industries nationwide. The company is headquartered in St. Paul, Minnesota, with additional facilities currently in Atlanta, Georgia and Camden, New Jersey.

About PIDC

Philadelphia Industrial Development Corp., a private, not-for-profit corporation, was created in 1958 by the Greater Philadelphia Chamber of Commerce and the Commerce Department of the City of Philadelphia to promote economic development and job creation throughout the City.

PIDC provides financing programs and real estate products to business and developer client groups in all neighborhoods of Philadelphia.

About Innovation Philadelphia

Innovation Philadelphia is a quasi-private partnership dedicated to enhancing the global innovation economy of Philadelphia through technological leadership. Innovation Philadelphia focuses on increasing the region's entrepreneurial capacity and positioning Philadelphia as a leader in the knowledge economy.

About Synterra

Synterra Partners is a local real estate development company founded in 1996. The firm has an extensive portfolio of projects that includes hotels and resorts, commercial and retail developments both domestic and international.

Synterra Partners has earned its extraordinary reputation by working successfully with public and private organizations to create innovative strategies for complex development projects.

About Liberty Property Trust

Liberty Property Trust (NYSE:LRY) is a leading real estate company dedicated to enhancing people's lives through extraordinary work environments. Liberty's 51 million square foot portfolio of office and industrial properties offers exceptional locations, flexible design, thoughtful amenities, superior service, and state-of-the-art technology to the company's 1,900 tenants.

Liberty continuously increases the value of this portfolio through expert property management, marketing and development.
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Publication:Business Wire
Geographic Code:1U4MN
Date:Feb 19, 2003
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