Equity Office Acquires U.S. Bank Tower in Denver

Chicago, IL – Equity Office (NYSE: EOP) announced today that it has purchased the U.S. Bank Tower, a 488,640-square-foot Class A office building in downtown Denver, for $80.2 million from The Carlyle Group.

The 26-story building is located at 950 17th Street in the lower downtown area of Denver's central business district (CBD), just two blocks from Equity Office's Tabor Center. Except for a historic banking building sold by Carlyle in 2000, U.S. Bank Tower occupies a full city block bordered by the 16th Street Mall, and Curtis and Champa streets. The asset, which includes 20,756 square feet of retail space and a six-level parking facility, is 94% leased.

"U.S. Bank Tower is a centrally located asset that has a history of high occupancy levels," commented Richard Kincaid, Equity Office's president and chief executive officer. "We believe in the long-term supply and demand fundamentals of the Denver CBD, given the area's diverse economic base, quality of life, educated workforce, and residential and transportation infrastructure."

This is the first asset that Equity Office has purchased since its acquisition of Liberty Place, an office building in Washington, D.C., in September 2002.

"While we continue to be net sellers of non-strategic assets, we are also committed to acquiring properties that fit the long-term goals for our portfolio," added Kincaid. "Our sizable portfolio in Denver, coupled with our national scope, enables us to provide customers with enhanced space flexibility and service, while they benefit from our operating efficiencies."

With the purchase of U.S. Bank Tower, Equity Office now owns and manages 16 office buildings comprising more than 4.7 million square feet of space in the Denver markets. Seven of these buildings, comprising 2.9 million square feet, are in the CBD submarket.

About Equity Office Properties

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 portfolio of 721 buildings comprising 124.4 million square feet in 19 states and the District of Columbia. Equity Office has an ownership presence in 30 Metropolitan Statistical Areas (MSAs) and in 133 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 website at www.equityoffice.com.

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