FFO Per Share Rises To 73 Cents From 61 Cents Year Earlier

    BOSTON, Oct. 30 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
reported today that funds from operations (FFO) for the third quarter ended
September 30, 1997, totaled $40.7 million on revenues of $103.3 million
compared with FFO of $18.7 million on revenues of $46.6 million in the third
quarter of 1996.  FFO per share in the third quarter rose to 73 cents from
61 cents, an increase of 20 percent.
    For the nine months ended September 30, 1997, FFO amounted to
$107.9 million on revenues of $266.0 million compared with $47.7 million on
revenues of $121.7 million a year earlier.  First nine months FFO per share
totaled $2.05, an increase of 15 percent over $1.78 in the first nine months
of 1996.
    The weighted average number of shares totaled 55,469,000 in the third
quarter of 1997 compared with 30,572,000 in the third quarter of 1996, and
52,613,000 in the first nine months of 1997 versus 26,660,000 a year earlier.
    Commenting on the results, Alan M. Leventhal, president and chief
executive officer, said: "Our strong third quarter performance was due to a
combination of factors, including the full effect of acquisitions made during
the second quarter and the continuation of excellent internal growth as market
fundamentals remained strong."

    Quarterly highlights included:

    -- "Same store" net operating income (NOI) was up 7.6 percent compared
       with the third quarter of 1996.  "Same store" figures include 55
       properties with 9.2 million square feet.

    -- Approximately 650,000 square feet of leasing occurred during the third
       quarter, of which 100,000 square feet were new leases.  The average
       increase in net rent was $3.40 per square foot, or nearly 24 percent
       above the prior net rent.  Portfolio occupancy for the quarter was 97
       percent versus 95 percent a year earlier.

    -- Acquisitions announced during, or subsequent to, the third quarter
       amounted to approximately $266 million, bringing the year-to-date total
       to in excess of $909 million.

    -- Properties purchased included Sunnyvale Business Center in Silicon
       Valley (175,000 sq. ft.), 20 North Wacker Drive, Chicago (824,000 sq.
       ft.), 200 West Adams, Chicago (677,000 sq. ft.), and Lakeside Office
       Park, Atlanta (391,000 sq. ft.).

    -- Development sites purchased included Riverside Center, Newton, MA; The
       Media Center, Burbank, CA; and 150 California Street, San Francisco,
       CA.  When completed, they will add approximately 1.3 million square
       feet to Beacon's portfolio.
    As announced on September 15, Beacon Properties Corporation and Equity
Office Properties Trust (NYSE: EOP) have entered into a definitive agreement
and plan of merger.
    Beacon Properties Corporation, with headquarters in Boston, Massachusetts,
is one of the nation's largest real estate investment trusts (REITs).
Established in 1994 as a self-administered and self-managed REIT, the company
owns or has an interest in a portfolio of office properties located in major
metropolitan areas, including Boston, Atlanta, Chicago, Los Angeles, San
Francisco and Washington DC.  Beacon's office portfolio currently totals 123
buildings containing 20.7 million square feet.  The properties are
approximately 97 percent leased with over 1,250 tenants. Additional
information about Beacon is available at the company's Internet site at
http://www.beaconproperties.com
    Certain matters discussed in this press release may constitute forward-
looking statements within the meaning of the Federal securities law. Although
Beacon believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved.  Factors that could cause actual
results to differ materially from Beacon's current expectations include
general economic conditions, local real estate conditions, timely releasing of
occupied square footage upon expiration, interest rates, availability of
equity and debt financing and other risks detailed from time to time in the
company's filings with the Securities and Exchange Commission, including
quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form
10-K.

                        BEACON PROPERTIES CORPORATION
                           STATEMENTS OF OPERATIONS

       For The Three and Nine Months Ended September 30, 1997 and 1996

                   (in thousands except  per share amounts)



                                 Three Months Ended      Nine Months Ended
                                 9/30/97     9/30/96      9/30/97     9/30/96
    Revenues:
     Rental income             $83,857      $37,257     $218,544     $97,308
     Management fees               866          731        2,445       2,248
     Recoveries from tenants    11,779        4,219       29,376      11,001
     Mortgage interest income    2,561        1,402        5,320       3,567
     Other income                4,233        2,993       10,364       7,585

                               103,296       46,602      266,049     121,709

    Expenses:
     Property expenses          19,853        9,837       51,169      24,607
     Real estate taxes          10,480        4,660       27,960      12,491
     General and administrative 10,248        4,600       27,959      11,963
     Interest expense           13,650        7,077       36,313      20,739
     Interest - amortization
      of financing costs           395          434        1,131       1,618
     Depreciation and
      amortization              18,944        8,391       50,767      21,737

                                73,570       34,999      195,299      93,155

    Income from operations      29,726       11,603       70,750      28,554

    Equity in net income
     of joint ventures
     and corporations            1,676        1,312        4,976       3,964

    Income from continuing
     operations                 31,402       12,915       75,726      32,518

    Discontinued operations - Construction Company

     Loss from operations        (790)        (841)      (2,263)     (1,911)
    Gain on sale of property       ---          ---       16,736         ---

    Income before
     minority interest          30,612       12,074       90,199      30,607

    Minority interest
     in Operating Partnership  (3,064)      (1,550)      (9,743)     (4,231)

    Income before
     extraordinary items        27,548       10,524       80,456      26,376

    Extraordinary items,
     net of minority interest      ---          ---      (2,335)     (3,309)

    Net income                  27,548       10,524       78,121      23,067

    Income allocated to
     preferred shareholders    (4,490)          ---      (5,388)         ---

    Net income available
     to common shareholders     23,058       10,524       72,733      23,067

    Income per common share
     before extraordinary items  $0.42        $0.34        $1.42       $0.99
    Extraordinary items            ---          ---       (0.04)      (0.13)
    Net income per
     common share                $0.42        $0.34        $1.38       $0.86

    Funds from operations
     before: minority interest in
     Operating Partnership
     and income allocated to
     preferred share holders   $50,566      $21,470     $127,316     $55,343

    Company funds
     from operations           $40,689      $18,713     $107,917     $47,661

    Funds from operations
     per common share            $0.73        $0.61        $2.05       $1.78

    Weighted average
     common shares outstanding  55,469       30,572       52,613      26,660

    Company share of
     Operating Partnership      88.31%       87.16%       88.51%      86.12%

    Joint venture properties:
     Depreciation
      and amortization          $1,010       $1,005       $3,086      $2,999

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