Equity Office Sells $1.3 Billion of Assets in Second Quarter 2005; Company Reduces Intended Holding Period on 53 Additional Asse

Equity Office (NYSE:EOP) announced the sale of 60 assets
totaling 7.5 million square feet for $1.3 billion in second quarter
2005. The company expects to recognize, subject to closing
adjustments, approximately $80 million of gains and $170 million of
non-cash impairment charges related to sales that closed in the second
quarter.
   As a result of the acceleration of its disposition plans, Equity
Office also announced today that it will recognize an impairment
charge due to a reduction in the intended holding period on 53
additional assets totaling 6.7 million square feet and various land
parcels that it anticipates selling after June 30, 2005. The
additional impairment charge of approximately $200 million to $215
million will be recognized in the second quarter and will reduce net
income and funds from operations. The company anticipates that future
gains on the portfolio it currently intends to sell will be equal to
or greater than the impairment charges resulting from this holding
period reduction. If the asset sales are not completed at estimated
pricing levels, further impairment charges could be required or gains
may not be realized as anticipated.
   "With total year-to-date asset sales of $1.6 billion, we are
currently on target to sell $2 billion to $3 billion of assets by year
end," commented Richard Kincaid, Equity Office's president and chief
executive officer. "In spite of the accounting charges, it is the
right business decision to take advantage of today's strong asset-sale
environment to sell non-strategic properties, and to continue to focus
our portfolio on the best assets in targeted growth markets."
   Attached to this release is a complete list of properties sold in
first and second quarter 2005, including locations and closing dates.

   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 634 buildings
comprising 117.4 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 114
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 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; our
ability to dispose of assets on terms we find acceptable will be
subject to market conditions we do not control; 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.
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Property                             Closing Date  Location
----------------------------------------------------------------------

    First Quarter Dispositions Comprising 1.6 Million Square Feet:
                            $297.6 Million
----------------------------------------------------------------------
Northland Plaza                        01/04/2005  Bloomington, MN
Meier Central North-Buildings 13 & 14  01/20/2005  Santa Clara, CA
Water's Edge(a)                        02/01/2005  Marina Del Rey, CA
One, Two & Three Devon Square          02/11/2005  Wayne, PA
Meier Central South - Building 12      02/22/2005  Santa Clara, CA
One, Two, Three, Four & Five Valley    03/02/2005  Suburban, PA
 Square; Oak Hill Plaza; Walnut Hill
 Plaza; and Four Falls                 
Oak Creek I                            03/15/2005  Milpitas, CA
Meier Central North - Building 15      03/24/2005  Santa Clara, CA


    Second Quarter Dispositions Comprising 7.5 Million Square Feet:
                             $1.28 Billion
----------------------------------------------------------------------
545 E. John Carpenter Freeway and 909  04/01/2005  Irving, TX
 Lake Carolyn Parkway             
70-76 Perimeter Center                 04/05/2005  Atlanta, GA
Meier Central South - Building 11      04/18/2005  Santa Clara, CA
Colonnade I, II, & III                 04/26/2005  Dallas, TX
LL&E Tower                             05/04/2005  New Orleans, LA
Preston Commons and Sterling Plaza(a)  05/20/2005  Dallas, TX
Oak Creek II                           05/25/2005  Milpitas, CA
Concar(a)                              05/26/2005  San Mateo, CA
The Solarium                           05/27/2005  Denver, CO
Point West I & Point West III          06/13/2005  Sacramento, CA
Sierra Point                           06/15/2005  Brisbane/
                                                   Daly City, CA
BP Tower/Garage                        06/24/2005  Cleveland, OH
301 Howard Street & Foundry Square II  06/24/2005  San Francisco, CA
Parkside Towers                        06/24/2005  Foster City, CA
San Rafael Corporate Center & Land     06/24/2005  San Rafael, CA
Shoreline Technology Park              06/28/2005  Mountain View, CA
Seaport Centre & Seaport Plaza         06/28/2005  Redwood City, CA
1871 The Alameda                       06/28/2005  North San Jose, CA
5813 Shellmound Street, 5855 Christie, 06/28/2005  Emeryville, CA
  and Baybridge Office Plaza                            
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   (a) These assets were owned in joint ventures