Former Hewlett-Packard Complex Purchased For $24 Million

    BOSTON, May 14 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
plans to develop a Class A office property on Route 128 in suburban Boston
following the company's acquisition of 26.7 acres of land that includes a
335,000 square foot building formerly occupied by Hewlett-Packard Company.
    The property is located at 175 Wyman Street, Waltham, Massachusetts.  The
purchase price was approximately $24 million.
    Alan M. Leventhal, Beacon president and chief executive officer, stated:
"175 Wyman Street represents one of the few remaining developable sites on
Route 128 in the Wellesley/Waltham area.  We anticipate developing
400,000 square feet of Class A office space, and plan to begin development
work in late 1997 or early 1998."
    The Route 128/Mass. Pike submarket, in which 175 Wyman Street is located,
has a vacancy rate of 2.6 percent.
    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 at
http://www.beaconproperties.com.

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