Roddy Inc. Industrial & Commercial Realtors

After extensive evaluation of various options for relocating its Newtown, Bucks County, PA facilities, L-3 Communications Corporation's Telemetry - East (“L-3”) has decided to remain in Bucks County. L-3 will relocate from Newtown to Liberty Property Trust's (a New York Stock Exchange Real Estate Investment Trust) (“Liberty”) one story, state-of-the-art office/light manufacturing/assembly and research and development facility at 1515 Grundy's Lane in I-95 Business Center @ Keystone Park, Bristol Township, Bucks County, PA. Frank Roddy, President of Roddy Inc., the Bensalem based industrial and commercial real estate brokerage firm, was responsible for negotiating the long term lease calling for an aggregate rental of approximately $11,000,000.00. Roddy further advised that during the search, various sites throughout Bucks County, Montgomery County and Mercer County, New Jersey were considered. However, Richard Braatz, L-3's President and Paul Altimore, Facilities Manager advised the Grundy's Lane site was selected as a result of L-3's concern to minimize the change in the commuting distance to its most qualified and dedicated, high caliber labor source and to obtain a facility built to its specifications. L-3 Telemetry East currently occupies a 16 acre multi-building site in Newtown. L-3 is a New York Stock Exchange Company and is rated as the number 725 company on the Fortune 500 list. The Telemetry Division employs approximately 265 in Newtown and expects 100% of its labor force to move to the new location. L-3 is founded on the heritage of Aydin Telemetry and L-3 Microcom Division, world leading manufacturers and suppliers of Flight Test, Flight Certification and Telemetry Products and Systems. The combined strengths of these two companies provide nearly 100 years of design, engineering and manufacturing expertise, backed by over a (2) billion dollar corporation, to offer the highest quality airborne data acquisition, signal conditioning, telemetry and ground support products. L-3's airborne telemetry and flight test products and systems gather and process critical information on board spacecraft, aircraft, missiles, guided weapons, targets, UAV's and ground vehicles. Data is recorded and/or transmitted by radio links to fixed or mobile receiving stations. These products are ruggedized for extreme environments. L-3's ground products receive, analyze distribute and display information collected. L-3's products are used in defense and aerospace programs such as aircraft and weapons development, flight test and satellite communications for space agencies including NASA. L-3' has sales in excess of $2.3 billion dollars.

Paul R. Rubincam, Senior Director of Leasing & Development of Liberty advised that the signing of the L-3 lease brings Liberty's 13.63 acre development at I-95 Business Center @ Keystone Park to 92% occupancy. Rubincam advised that the initial project called for three buildings on the site and the first building of 48,000 square feet was built on speculation and leased to Sony Corporation of America (“Sony”), who also occupy a second building in the park owned by another developer. After leasing the first building to Sony, Liberty decided on building another 48,000 square foot building on speculation with plans for a third building. Shortly after the second building was completed, L-3 expressed a renewed interest through Roddy Inc. in the project. After several months of negotiations, Liberty agreed to expand the 48,000 square foot building to 85,000 square feet of which 75,000 square feet would be leased to L-3 and 10,000 square feet would be available for L-3's expansion. Rubincam advised, weather permitting, construction is expected to be completed by early Summer with L-3 taking complete occupancy by mid Summer 2002.

Headquartered in Bensalem Township, Bucks County, Pennsylvania, Roddy Inc. is a marketer, manager and developer of industrial and commercial real estate throughout east