ATLANTA, Oct. 23 /PRNewswire/ -- Beacon Properties Corporation (NYSE: BCN)
announced today that it will assume property management and leasing
responsibility for the Perimeter Center office buildings on January 1, 1997.
Beacon purchased the office portfolio in February 1996 from Taylor & Mathis of
Atlanta and Metropolitan Life Insurance Company, New York.
    Don Brooks, chief executive of Beacon Properties Southeast, said that
Beacon's decision to assume the management and leasing of Perimeter Center
"reflects our commitment to growth in Atlanta and the southeast region.  We
are establishing a major presence in Atlanta, as part of our strategy to
expand in the southeast, with the purchase of Perimeter Center as the
foundation of our growth plans."  Brooks added that "Atlanta's job growth in
the office sector, combined with tight supply, has created an attractive
market for us."
    Brooks said that Taylor & Mathis, which developed the 32-building
property, "has done an outstanding job managing and leasing Perimeter Center.
They are a strong company with a sterling reputation and track record.  They
have managed the property well ever since developing it, and we want to
continue this tradition."  Brooks also said that "we value the relationship we
enjoy with our Taylor & Mathis colleagues and have come to appreciate and
respect their professionalism, talent and experience.  This decision to assume
management is therefore based only on our own plans for growth."
    Andrew Taylor, president of Taylor & Mathis, said "we were delighted when
Beacon decided to keep us on after the sale for a one year contract, but we
knew that this change was a possibility.  Obviously when you sell a property,
there are no guarantees that you will keep the management business,
particularly when the purchaser is a fully-integrated REIT with its own
property management capabilities.  Rather than focus on the short term nature
of our one-year contract, our approach was to stay focused on delivering
exceptional operating performance for the new owner, and we have done that.
That's how we approach third-party assignments."
    Taylor also said that "we've come to know Beacon Properties very well over
the past year and we have great respect for the company.  They have first-rate
people and will be a good owner and operator of Perimeter Center going
forward."  Taylor said that "without Perimeter Center, Taylor & Mathis will be
a leaner and more nimble version of what we are now, and no less competitive.
We will be a smaller company, at least temporarily.  But we have a strong
financial base, a wealth of exceptional people and are well-positioned in
Atlanta and our other primary markets."  The company's other major projects in
Atlanta include Buckhead Plaza, Georgia-Pacific Center and TownPark.  Taylor &
Mathis has regional offices in Birmingham, Miami and Winston-Salem.
    The Perimeter Center office portfolio comprises 3.3 million square feet
and 32 buildings, located north of Atlanta near the junction of Georgia 400
and Interstate 285.  The property is 98 percent occupied, with 350 tenants
representing more than 10,000 people.
    Beacon Properties Corporation recently celebrated its 50th anniversary and
is one of the nation's largest real estate investment trusts.  A
self-administered and self-managed REIT, Beacon owns or has an interest in
70 properties totaling 12.2 million square feet.  The company specializes in
property acquisitions, management, leasing, design and construction.

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