Bedford Property Investors Announces Major Leases.

Business Editors

LAFAYETTE, Calif.--(BUSINESS WIRE)--Feb. 5, 2004

Bedford Property Investors, Inc. (NYSE:BED) announced today the recent signing of three significant leases. In our Phoenix, Arizona portfolio, we have signed a seven-year lease renewal with American Express Travel in our suburban office building, Executive Center at Southbank. American Express will continue to occupy 75,000 square feet of the 140,000 square foot facility.

In San Diego, California, we also executed a new lease with Quantum Design. Quantum will occupy the entire 50,000 square foot R&D facility at 6325 Lusk Boulevard under a lease of six years.

Finally, in a relocation and expansion, Centillium Corporation will wholly occupy 104,400 square feet in our R & D project on Fourier Avenue, in Fremont, California, under a new, seven-year lease.

"Each of these leases is reflective of our strategy to focus on occupancy and tenant retention during the current economic slowdown," indicated Peter B. Bedford, Chairman of the Board and Chief Executive Officer.

Bedford Property Investors is a self-administered equity real estate investment trust (REIT) with investments in suburban office 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.