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Colonial Properties Trust
Purchases Two Office Buildings In Tampa, Florida

TAMPA, Fla., (February 1, 2005) - Colonial Properties Trust announced today the purchase of two office buildings, together totaling 370,000 square feet on 5.63 acres located in the heart of Westshore Business district in Tampa, Florida. The buildings, known as Westshore Place I and II, were purchased from America's Capital Partners in Miami, who owned the buildings for more than a year.

The purchase of the two buildings is a part of an overall Colonial Properties growth strategy to expand its office portfolio. According to Dallas Whitaker, a Tampa native and Vice President and Market Officer, Colonial Properties is bullish on Tampa's high office job growth projections. "Tampa is a key market for the office division of Colonial Properties and we are looking to expand our holdings through acquisition and development," Whitaker said.

Dallas Whitaker

Today's closing date is a homecoming of sorts for Whitaker, who returned to Tampa in June 2004 after 16 years in the commercial real estate business in Birmingham, the past four years as VP and Market Officer for Colonial Properties in Birmingham, the REIT's corporate headquarters. Whitaker discovered the buildings were going to be put on the market after he made the rounds and introduced himself to local brokers and members of the real estate community. When the broker, Cushman & Wakefield issued its request for proposals, Whitaker started pursuing the deal. "These are great assets and they fit in well with our portfolio. As an initial purchase in this market, they provide an excellent platform upon which to grow," Whitaker said. "The buildings have an excellent location, and are institutional quality in structure and with the amenities they feature. These assets are solid long-term performers," he said.   

Whitaker is excited about his return to Tampa "because, besides the quality of life, Tampa has a great real estate and business community, full of great people who are truly professionals. Additionally, I have been fortunate to become quickly involved with the local chapters of National Association of Office and Industrial Properties ( NAIOP) and Certified Commercial Investment Member (CCIM)," Whitaker said. "To come in, have the support of a large REIT such as Colonial Properties, start from scratch with a mission to grow through acquisition and development is an exciting opportunity."

Colonial Properties Office Division, headquartered in Atlanta, owns 5.2 million square feet in high growth Southeastern cities such as Atlanta, Orlando, Tampa, Huntsville, Birmingham and Montgomery. In 2004, the NAIOP named Colonial Properties the National Developer of the Year.

Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. It has a total market capitalization of $3.7 billion. The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol "CLP" and is included in the S&P SmallCap 600 Index. For more information, visit its website at www.colonialprop.com.

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