KTR Keystone Prop Tr

Keystone Property Trust Announces 211,535 SF Build-to-Suit With KIA Motors in Allentown, PA WEST CONSHOHOCKEN, Pa., Dec. 22 /PRNewswire-FirstCall/ -- Keystone Property Trust today announced that it reached an agreement to develop a parts distribution and training center for KIA Motors America, Inc. ("KIA") at 7554 Morris Court in Keystone's Westpark Business Center in Allentown, PA. KIA will lease 211,535 square feet ("SF") out of a total of 265,535 SF to be built. Keystone will retain ownership of the asset. The project will provide KIA with a modern and flexible facility that will be 30' clear, crossdocked, and include ESFR sprinklers and 50' x 50' column spacing. Construction is expected to begin in March 2004 with occupancy scheduled for the fourth quarter of 2004. The project costs are estimated to be approximately $10 million. KIA will continue to occupy its existing 169,000 SF facility at Keystone's 7542 Morris Court within Westpark until the new facility is complete. Westpark Business Center is located in the Route 100 corridor within the Lehigh Valley, which is centrally located in relation to the major East Coast population centers. A. Donald Chase, Senior Vice President of Investments for Keystone, added: "This transaction represents our ability to satisfy the growth needs of an existing tenant by utilizing our substantial land bank in the Lehigh Valley and further establishes Keystone as a premier build-to-suit developer in the East Coast region, coupled with our recent projects with Home Depot and Romark Logistics." Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania, is a fully integrated real estate investment trust with a current portfolio of 141 properties, including properties under development, aggregating almost 33 million square feet in the Eastern half of the United States. For more information, contact Aleathia M. Hoster at (212) 527-9900, 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, +1-212-527-9900; or Media: Michael Beckerman, +1-908-781-6420, , for Keystone Property Trust Web site: http://www.keystoneproperty.com/

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