Bedford Property Investors Announces Arizona Acquisition.

LAFAYETTE, Calif.--(BUSINESS WIRE)--Nov. 25, 1998--Bedford Property Investors, Inc. (NYSE:BED) announced today the acquisition of the 10 building, 79,331 sq. ft., service flex complex known as Expressway Corporate Center, located in Tempe, Arizona. The purchase price was $4,570,000, substantially below replacement value. The project is 68% leased with 4 tenants, the major tenant being ASM Lithography. The property was acquired with the intent to lease up the vacancy at market rates; the Phoenix submarket continues to be strong for this type of product. This brings BPI's total acquisitions for 1998 to $160,494,307.

"This acquisition increases our market share in a market which has substantial growth, and one in which we want to continue to expand," stated Peter B. Bedford, Chairman of the Board of Bedford Property Investors. The Company's Arizona holdings now total over 1,000,000 sq. ft.

Bedford Property Investors is a self-administered equity real estate investment trust (REIT) with investments in suburban office buildings and industrial properties concentrated in the western United States. It is traded on the New York and Pacific Exchanges under the symbol "BED" and its web site is www.bedfordproperty.com.