Equity Office Announces Acquisition Activity of $791.7 Million of Assets in Second Quarter 2005

Equity Office (NYSE:EOP) announced $791.7 million of
acquisition activity in the second quarter 2005 with the acquisition
of 15 buildings totaling 1.3 million square feet for $286.7 million,
in addition to the $505 million agreement to purchase 1.03 million
square feet, or nearly 80% of 1095 Avenue of the Americas in New York.
This brings the company's year-to-date acquisition activity to
approximately $860 million including 2.7 million square feet in 20
buildings.
   "We continue to redeploy capital from our $2 billion to $3 billion
dispositions goal for 2005 into buildings that more fully complement
our existing portfolio," commented Richard Kincaid, Equity Office's
president and chief executive officer. "While current conditions
present a challenging acquisitions environment, we have 17 targeted
growth markets in which we can seek opportunities that meet our return
standards. We apply a disciplined acquisitions approach with highly
specific criteria for location, market characteristics and yields."
   EOP's most recent acquisitions included buildings in the Austin
and San Francisco markets totaling 13 office buildings comprising 1
million square feet for approximately $217.3 million. Nine of these
assets, totaling 514,606 square feet, were acquired in San Francisco's
Marin and Santa Rosa counties for $105.8 million. This portfolio,
which is 89% leased, represents the first in a series of acquisitions
totaling 1.4 million square feet in 36 buildings. EOP expects the
balance of 27 properties totaling 870,549 square feet to close by
fourth quarter 2005, subject to satisfaction of contingencies. All of
these buildings are being purchased from the same seller in the North
Bay submarket.
   "This portfolio will provide us with a leading ownership position
in San Francisco's North Bay submarket," added Kincaid. "EOP will have
a strong concentration of assets from Southern Marin County to
Northern Sonoma County, enabling us to take advantage of the migration
of firms we're seeing into this supply-constrained area. Once these
acquisitions are completed, Equity Office will own more than 2 million
square feet in the North Bay."
   In a separate transaction, EOP acquired Shorebreeze I&II, a
two-building Class A office complex totaling 230,853 square feet for
$56.5 million. The waterfront asset, which is 80% leased, is part of a
master-planned community, and complements Equity Office's tight
concentration of other buildings in the Redwood Shores submarket.
   Finally, Equity Office acquired Austin Research Park I&II, a
271,882-square-foot Class A suburban property, for $55.0 million. The
asset comprises two buildings which are 97% leased. The property is
located on 11 acres in Austin's Northwest submarket, along with EOP's
Westech 360 and Park 22 assets.

   Following is a list of properties acquired in the first and second
quarter 2005.
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*T
Property                              Closing Date              Market

First Quarter Acquisitions Comprising 296,657 Square Feet in Four
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Buildings for $68.3 Million
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Summit at Douglas Ridge - Phase I     1/21/05               Sacramento
Park 22                               3/22/05                   Austin
Two Main Place (land site)            3/14/05                 Portland

Second Quarter Acquisitions Activity Comprising 2.4 Million Square
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Feet in 16 Buildings for $791.7 Million- Includes a Transaction
---------------------------------------------------------------
Expected to Close by Fourth Quarter 2005
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11111 Sunset Hills Road (XO Building) 5/4/05          Washington, D.C.
Summit at Douglas Ridge - Phase II    5/20/05               Sacramento
Shorebreeze I&II                      6/9/05             San Francisco
Austin Research Park I&II             6/16/05                   Austin
Golden Gate Plaza                     6/30/05            San Francisco
Woodside Office Center                6/30/05            San Francisco
McDowell Corporate Campus             6/30/05            San Francisco
Brickway I&II                         6/30/05            San Francisco
Oak Valley Business Center            6/30/05            San Francisco
1095 Avenue of the Americas           Est. by 12/31/05        New York
                                      
*T

   Equity Office Properties Trust (NYSE:EOP), operating through its
various subsidiaries and affiliates, is the nation's largest office
real estate investment trust with a portfolio of 643 buildings
comprising 117.9 million total office portfolio square feet in 18
states and the District of Columbia. Equity Office has an ownership
presence in 26 Metropolitan Statistical Areas (MSAs) and in 116
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.

   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 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.