Keystone Property Trust Announces Acquisition in Pennsylvania

Keystone Property Trust Announces Acquisition in Pennsylvania 


WEST CONSHOHOCKEN, Pa., Oct. 30  /PRNewswire-FirstCall/ -- Keystone Property
Trust  announced today that it acquired, in conjunction with joint venture
partner Mercantile-Safe Deposit and Trust Company, as Trustee for the AFL-CIO
Building Investment Trust (the "BIT"), a 822,500 square foot distribution center
at 861 Nestle Way in Allentown, Pennsylvania for approximately $34.2 million.

A. Donald Chase, Jr., Senior Vice President of Keystone, commenting on the
transaction, stated, "We are pleased to acquire one of the highest quality
buildings in Eastern Pennsylvania.  861 Nestle Way was built in 2000 and
features 33' clear heights, an ESFR sprinkler system, pre-cast concrete
construction, cross-dock loading, 200 tailgate loading doors and ample trailer
parking capability.  In addition, this building benefits from extensive frontage
on Interstate 78 in one of the premier planned industrial parks on the East
Coast.  Its location in the Lehigh Valley affords distribution access to all the
major Eastern U.S. consumer markets within a one-day drive.  This transaction is
our second new investment with the BIT, bringing the year-to- date investment
activity in our joint venture to almost $75 million."

Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania,
is a fully integrated real estate investment trust with a current portfolio of
126 properties, including properties under development, aggregating over 30
million square feet in the Eastern half of the United States.  For more
information, contact Aleathia M. Hoster at [phone], send email to  or
visit the Company website at http://www.keystoneproperty.com/.

This press release may contain statements which constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the intent, belief or current expectations
of the Company, its trustees, or its officers with respect to the future
operating performance of the Company and the result and the effect of legal
proceedings.  Investors are cautioned that any such forward looking statements
are not guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those in the forward looking
statements as a result of various factors.  Important factors that could cause
such differences are described in the Company's periodic filings with the
Securities and Exchange Commission, including the Company's Form 10-K and
quarterly reports on Form 10-Q. 

DATASOURCE: Keystone Property Trust



CONTACT:  Aleathia M. Hoster of Keystone Property Trust, [phone],

or Media Contact: Michael Beckerman, [phone], 



Web site:  http://www.keystoneproperty.com/ 

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