Acquisitions Will Mark Beacon's Entry Into Midwest

    BOSTON, Aug. 12 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
has entered into agreements to acquire ten office buildings in the Midwest and
the Northeast for a total price of $227 million.  Encompassing about
1.55 million square feet the acquisitions, upon completion, will increase
Beacon's office property portfolio to approximately 11.6 million square feet
and, at the same time, mark the company's entry into Midwestern office
markets.
    Six of the ten office buildings being purchased are located in suburban
Chicago.  They include the five-building, 548,000 square foot Tri-State
International suburban office campus in Lincolnshire, Illinois, and AT&T
Plaza, a 225,318 square foot building in Oak Brook, Illinois.  Beacon's
acquisitions in the Midwest follow by six months its initial expansion outside
the Northeast with the purchase of Perimeter Center, Atlanta, in the
Southeast.
    Three buildings are located in Fairfax County, Virginia: the E.J. Randolph
Building, Tysons Corner, Virginia with 164,677 square feet; the John Marshall
Building, Tysons Corner, Virginia, with 261,364 square feet; and the
Northridge 1 Building, Herndon, Virginia, with 124,319 square feet.  Finally,
a two-tower office building covering 238,694 square feet, is located in
Washington, DC, at 1333H Street, NW.
    Alan M. Leventhal, president and chief executive officer of Beacon
Properties, said in a statement: "We are very pleased to be acquiring these
strategically well-placed office buildings which promise to contribute
excellent long-term returns to our growing portfolio.  Our entry into the
Midwest will represent a further significant diversification as we seek to
create a good regional balance in our portfolio.  In the meantime, as
indicated by the acquisitions we are making in Virginia and Washington, DC, we
will continue to look actively for opportunities in the Northeast corridor."
    Beacon Properties Corporation is a self-administered and self-managed real
estate investment trust (REIT).  One of the nation's largest office REITs,
Beacon currently owns or has an interest in 58 properties totalling
approximately 10 million square feet.  The company specializes in property
acquisitions, management, leasing, design, construction and development.  In
addition to its own properties, Beacon manages three million square feet for
third party institutional owners.  Further information about Beacon is
available at the company's Internet site: http://www.beaconproperties.com.

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