Keystone Property Trust to Sell 4 Million Shares in Offering

Keystone Property Trust to Sell 4 Million Shares in Offering 


WEST CONSHOHOCKEN, Pa., Nov. 4  /PRNewswire-FirstCall/ -- Keystone Property
Trust  (the "Company" or "Keystone") announced today that it completed a public
offering of 4,000,000 common shares pursuant to an effective registration
statement.

Merrill Lynch & Co., Inc., the sole underwriter of the offering, also has an
overallotment option of up to 600,000 shares, which can be exercised in whole or
in part within 30 days.  The Company intends to use the net cash proceeds of
approximately $78 million from this offering for general corporate purposes and
to fund future acquisitions of industrial real estate assets. Initially,
proceeds may be used to reduce the outstanding balance on its unsecured line of
credit.

This communication shall not constitute an offer to sell nor the solicitation of
an offer to buy, nor shall there be any sale of the securities in any state in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.

Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania,
is a fully integrated real estate investment trust with a current portfolio of
127 properties, including properties under development, aggregating 31 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: Michael Beckerman for Keystone Property Trust, [phone] or





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

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