AMB Property Corporation and Trammell Crow Company Form Important Strategic Alliance.

SAN FRANCISCO--(BUSINESS WIRE)--February 19, 1998--AMB Property Corporation (NYSE:AMB), one of the nation's 15 largest publicly traded REITs, and Trammell Crow Company (NYSE:TCW), the country's leading provider of industrial property development services, today announced the formation of a strategic alliance to develop and manage industrial properties in targeted distribution markets nationwide. Although the alliance is non-exclusive, both parties have committed to significantly increase the amount of business completed together. Particular emphasis will be placed on multi-tenant freight forwarding facilities adjacent to the country's major airports and industrial submarkets of targeted metropolitan areas such as Chicago, Seattle and Northern New Jersey.

"We are excited about the outstanding opportunities for growth generated by this significant alliance with one of the country's premier industrial developers," said Hamid Moghadam, President and CEO of AMB. "Unlike other national REITs who are committed to the vertically integrated business model, AMB believes in forming alliances with the best real estate entrepreneurs and premier developers with a significant presence in our target markets. These are top quality firms like Trammell Crow Company with whom we can jointly acquire, renovate and develop properties with significant growth potential, and who share our standards for integrity, performance and commitment to service."

Moghadam continued, "AMB and Trammell Crow Company are committed to being successful and productive alliance partners. Consistent with AMB's focus on the formation of long term strategic alliances, we are converting our 30-day property management and leasing contracts with Trammell Crow Company to five-year contracts. We want Trammell Crow Company to invest in people and systems to benefit AMB's growth, so that our companies will grow rapidly together."

"Trammell Crow Company is extremely pleased to forge this alliance with AMB, a firm with a strong track record as well as smart, capable and highly productive leadership with whom we have dealt for over twelve years," said George Lippe, President and CEO of Trammell Crow Company. "We believe that AMB will be a leader in the rapidly consolidating REIT industry. Trammell Crow Company is committed to being a growth partner with AMB, through providing significant investment opportunities to develop new Class "A" properties, and by providing fully integrated management leasing and development services dedicated to ensuring that AMB's existing portfolio outperforms the market. In 1997, the company developed or redeveloped approximately one billion dollars of new property. Trammell Crow Company believes in forging strategic alliances with leading investors such as AMB whose strategies are synergistic with our own."

"AMB has participated in over 15 transactions in eight markets with Trammell Crow Company, including two recent acquisitions that marked our entry into Portland, Oregon," said Craig Severance, AMB's Managing Director of Acquisitions. Luis Belmonte, Managing Director for AMB's Industrial Division commented, "In addition, Trammell Crow Company provides superior local property management and leasing services in ten markets for approximately 13.8 million square feet of property in AMB's Industrial Division. We are very excited about the growth possibilities of combining AMB's expertise and resources with the extensive local market presence of the Trammell Crow Company."

Trammell Crow Company is one of the largest diversified commercial real estate firms in the United States with over 3,000 employees in 140 local offices. The company has over 14,000 tenants, 302 commercial brokers nationwide, 58 national corporate outsourcing customers, and 295 million square feet of property and facility management contracts. Trammell Crow Company's five core lines of business are: Property Management Services, Brokerage Services, Development and Construction Services, Infrastructure Management Services and Retail Services.

AMB Property Corporation is a national real estate operating company focusing on industrial properties and community shopping centers. AMB owns and operates over 390 buildings totaling 44 million square feet located in 27 markets nationwide, including: Chicago, San Francisco Bay Area, Dallas/Ft. Worth, Los Angeles, Minneapolis, Atlanta, Seattle, Miami, Boston and Northern New Jersey. In 1997, AMB invested $705 million in 31 transactions. The Company completed an Initial Public Offering on November 21, 1997, and at year end had 88,416,676 share equivalents outstanding.

Forward-looking statements and comments in this press release are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934. Such statements relating to, among other things, event, conditions, and financial trends that may affect the Companies' future plans of operations, business strategy, growth, results of operations and financial position are not guarantees of future performance and are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks are discussed in AMB's Registration Statement on Form S-11, as amended, filed with the Securities and Exchange Commission and declared effective on November 20, 1997, and Trammell Crow Company's Registration Statement and Form S-1, as amended, filed with the Securities and Exchange Commission and declared effective on November 24, 1997.

CONTACT: AMB Property Corporation

Jean Collier Hurley

415/394-9000

or

Trammell Crow Company

Jim Groch

609/486-1313