Glenborough Increases Stock Buyback Authorization

Glenborough Realty Trust (NYSE:GLB)(GLB PrA) announced
today that its Board of Directors has increased the amount of common
shares authorized for repurchase under the company's previously
announced common share repurchase program. The previous authorization
totaled 8.2 million shares. Under the increased authorization,
Glenborough may repurchase up to an additional 4 million shares in the
open market or in privately negotiated transactions, at the discretion
of the company's management and as market conditions warrant.
   Andrew Batinovich, President and CEO commented, "We believe that
one of the best strategies to increase shareholder value is to use a
portion of the proceeds of our current dispositions program to buyback
shares on a leverage neutral basis."
   Glenborough is a REIT which is focused on owning high quality,
multi-tenant office properties concentrated in Washington D.C.,
Southern California, Northern New Jersey, Boston and Northern
California. The Company has a portfolio of 55 properties encompassing
approximately 10 million square feet as of September 30, 2005.

   FORWARD LOOKING STATEMENTS: Certain statements in this press
release are forward-looking statements within the meaning of federal
securities laws, including Mr. Batinovich's statement that the Company
expects to use a portion of the proceeds of the Company's dispositions
program to repurchase shares on a leverage neutral basis and the
Company's belief that this strategy will increase shareholder value.
Because these forward looking statements involve risk and uncertainty,
there are important factors that could cause our actual results to
differ materially from those stated or implied in the forward-looking
statements. Those important factors include:

   --  Our inability to locate suitable buyers for our listed assets
        who are ready, willing and able to close transactions at the
        sales price we anticipate;

   --  Increased costs of financing cause a reduction in demand for
        commercial properties and therefore a reduction in the market
        value of the assets listed for sale;

   --  Lower than expected retention of existing tenants negatively
        affects the value of the assets listed for sale;

   --  Changes in market rental rates for office space negatively
        affect the value of the assets listed for sale;

   --  Changes in market conditions render the repurchase of our
        stock imprudent;

   --  Our inability to locate and acquire suitable property at
        reasonable prices in our core markets;

   --  The failure of the economy to continue its expansion;

   --  The failure of the office market to grow with a growing
        economy;

   --  Downward changes in market rental rates for office space; and

   --  The effect of any future impairment charges associated with
        asset disposition or market conditions.

   Given these uncertainties, readers are cautioned not to place
undue reliance on such statements. All forward-looking statements are
based on information available to us on the date hereof and we assume
no obligation to update or supplement any forward looking-statement.
Additional information concerning factors that could cause results to
differ can be found in our filings with the SEC including our report
on Form 10-K for the year ended December 31, 2004 and our quarterly
reports on Forms 10-Q for the periods ended March 31, 2005 and June
30, 2005.