BOSTON, May 12 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
announced today that it has sold its portfolio of suburban Philadelphia office
buildings to Cali Realty Corporation (NYSE: CLI), Cranford, N.J., for
$72.5 million in cash.
    The portfolio consists of four buildings in the Westlakes Office Park:
One, Two, Three and Five Westlakes Drive, Berwyn, PA.  Encompassing
approximately 444,000 square feet and 97 percent leased, the three-story
buildings were purchased by Beacon in 1994 and 1995.  Beacon estimates that
this investment generated an unleveraged internal rate of return of
18.7 percent.
    Commenting on the sale, Alan M. Leventhal, Beacon's president and chief
executive officer, said, "While the buildings we owned in Westlakes Office
Park are recognized as excellent properties, the Philadelphia office market is
no longer one of our target markets.  The proceeds from the sale will be
applied to reinforcing our national strategy which is focused on Boston,
Atlanta, Chicago, Los Angeles, San Francisco and Washington, D.C."
    Beacon Properties Corporation is a self-administered and self-managed real
estate investment trust (REIT).  Specializing in property ownership,
management, leasing, design and development, Beacon is one of the nation's
largest office REITs with a portfolio totaling more than 17 million square
feet.  Further information is available at the company's Internet site:
http://www.beaconproperties.com.

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