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AMERICAN INDUSTRIAL PROPERTIES REIT, (FORMERLY TRAMMELL CROW REAL ESTATE INVESTORS) ANNOUNCES FORMATION OF ITS MANAGEMENT GROUP

 DALLAS, July 2 /PRNewswire/ -- In conjunction with its transition to self-management, the Trust Managers of American Industrial Properties REIT (NYSE: TCR), (the "Trust"), announced that Charles W. Wolcott has been named president and chief executive officer of the Trust. Wolcott brings to the Trust more than 15 years of management leadership and real estate experience, having previously served as chief financial and operating officer for the Trust. He was formerly president and chief executive officer of Trammell Crow Asset Services and was a partner in Trammell Crow Ventures Operating Partnership. Prior to his involvement with Trammell Crow, Wolcott was president of Wolcott Development Corporation which developed and managed commercial real estate properties. He graduated from the University of Texas at Austin and received a Masters of Business Administration from Harvard University.
 David B. Warner, formerly with The Prudential Realty Group, has joined the Trust as vice president and chief operating officer. Warner has extensive asset management experience, specializing in industrial properties, and most recently served as director of equity investments for Prudential. Warner received a degree in finance and also received a Masters of Business Administration from the University of Texas at Austin.
 Mark A. O'Brien, formerly with Arthur Andersen & Co., has been named vice president of finance and administration for the Trust. O'Brien most recently served in the Real Estate Services Group of Arthur Andersen and has extensive experience in the management and reporting requirements of real estate investment trusts and other public companies. O'Brien graduated from the University of Mississippi and is a certified public accountant.
 In making these appointments, William H. Bricker, Trust manager, commented, "The Trust managers gave careful consideration to the selection of the new management team for the Trust. American Industrial Properties REIT is embarking on an innovative business plan designed to position the Trust for future growth, with the ultimate intent of maximizing shareholder value. The new management group provides the leadership, financial acumen and real estate experience necessary to capitalize on the substantial opportunities available to real estate investment trusts in today's marketplace."
 American Industrial Properties REIT is a self-managed equity real estate investment trust which has acquired, managed and improved industrial and other commercial properties since 1985. The Trust currently owns and operates 13 industrial properties and one retail shopping mall.
 -0- 7/2/93
 /CONTACT: Terry L. Proveaux of American Industrial Properties REIT, 214/550-6053/
 (TCR)


CO: American Industrial Properties REIT ST: Texas IN: SU:

MP -- NY038 -- 8247 07/02/93 15:38 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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