Bedford Property Investors Appoints PricewaterhouseCoopers LLP as Its Independent Public Accountants.

Business Editors

LAFAYETTE, Calif.--(BUSINESS WIRE)--March 20, 2003

Bedford Property Investors, Inc. (NYSE:BED) announced today that its Board of Directors, upon review and recommendation from its Audit Committee, has named PricewaterhouseCoopers LLP as its independent public accountant to replace KPMG LLP.

"KPMG LLP has provided our company with accounting and tax services for nearly ten years. We would like to thank the individuals who served us so professionally during that time. The Audit Committee of our Board, however, has determined that the needs of the company and its shareholders would now be better served by PricewaterhouseCoopers," commented Tom Nolan, chairman of the Audit Committee.

PricewaterhouseCoopers LLP is appointed as the Company's independent public accountants.

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 Stock Exchange and the Pacific Exchange under the symbol "BED" and its web site is www.bedfordproperty.com.