EOP Equity Office Properties Tru

Closes $173 Million in Additional Acquisitions in Austin and Palo Alto; Sells Asset in Oakland/East Bay Equity Office Properties Trust (NYSE:EOP) announced today that it has closed on the $505 million acquisition of 1095 Avenue of the Americas in New York City. In addition, the company has acquired 300 West Sixth Street in Austin for $131.7 million, and Clocktower Square in Palo Alto for approximately $41.3 million. The company also sold Norris Tech Center in Oakland/East Bay for approximately $44.7 million. "The 1095 Avenue of the Americas building is a strong addition to our New York City portfolio," commented Richard Kincaid, Equity Office's president and chief executive officer. "The acquisition gives us the opportunity to deliver 1 million square feet of office space in a submarket where availability of large blocks of contiguous space is less than 4%. "We've also completed strong asset acquisitions with 300 West Sixth Street and Clocktower Square," he added. "These assets complement our existing local portfolios and enable us to leverage our operating platform to deliver a higher quality of customer service." 1095 Avenue of the Americas In April 2005, Equity Office announced that it had signed an agreement to acquire 1.03 million square feet, or nearly 80% of 1095 Avenue of the Americas, also known as the Verizon Building. The acquisition included approximately 30,000 square feet of retail space. As part of the transaction, which closed on September 29, Verizon is retaining ownership of roughly 200,000 square feet, and has a short-term lease at the building for approximately 1 million square feet of office space. This lease will enable Verizon to vacate the building during 2006. Equity Office is substantially redeveloping the 41-story building, which has spectacular views of Bryant Park and the New York skyline. The redevelopment includes renovations to the building's facade, lobby, elevator cabs, common areas and retail space. Full project completion is estimated by mid-2008. The repositioning of the building includes tenant-naming rights to signs atop the building. 300 West Sixth Street, Austin On October 4, 2005, Equity Office acquired 300 West Sixth Street in Austin. The 23-story, 446,637-square-foot Class A office building is located in the core of Austin's central business district (CBD). The building is 78% leased. With this acquisition, EOP owns nearly 1.9 million square feet in four buildings in Austin's CBD, and more than 2.7 million square feet in the broader Austin market. Clocktower Square, San Jose On September 27, Equity Office acquired the buildings and a 51-year ground leasehold interest in Clocktower Square, a four-building office complex totaling 97,133 square feet that is situated on 5.9 acres in San Jose. The property is located next to EOP's Palo Alto Square building in Stanford Research Park, just one mile from Stanford University and four miles from Menlo Park. Palo Alto is currently one of the strongest submarkets in the country. With this acquisition, Equity Office owns nearly 1.1 million square feet in Palo Alto. Clocktower Square is 100% leased. Forward - Looking Statements This release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating this release and the outlook of Equity Office include, but are not limited to, the following: declines in overall activity in our markets have adversely affected our operating results and are expected to continue to adversely affect our operating results until market conditions further improve; in order to continue to pay distributions to our common shareholders at current levels, we must borrow funds or sell assets; we expect to be a net seller of real estate in 2005, which will further reduce our income from continuing operations and funds from operations and may result in gains or losses on sales of real estate and impairment charges; our ability to dispose of assets on terms we find acceptable will be subject to market conditions we do not control; we may not be successful in closing all of our pending investment transactions; our properties face significant competition; we face potential adverse effects from tenant bankruptcies or insolvencies; competition for acquisitions or an oversupply of properties for sale could adversely affect us; and an earthquake or terrorist act could adversely affect our business and such losses, or other potential losses, may not be fully covered by insurance. These and other risks and uncertainties are detailed from time to time in Equity Office's filings with the SEC, including its 2004 Form 10-K filed on March 16, 2005 and Form 8-K filed on May 20, 2005. Equity Office is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of changes, new information, subsequent events or otherwise. Equity Office Properties Trust (NYSE:EOP), operating through its various subsidiaries and affiliates, is the nation's largest publicly held office building owner and manager with a total office portfolio of 608 buildings comprising 113.5 million square feet in 18 states and the District of Columbia. Equity Office has an ownership presence in 26 Metropolitan Statistical Areas (MSAs) and in 105 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers. For more company information visit the Equity Office Web site at http://www.equityoffice.com.