Catellus Announces Formation of Housing Division; Steve Kuptz Selected as Vice President.

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 3, 1995--Catellus Development Corporation (NYSE: CDX) today announced the formation of an Urban Housing Division for the development of rental housing with an affordable component on urban "in-fill" locations in California. The Company also announced the selection of Stephen L. Kuptz to head the Division as a Vice President of Catellus.

Nelson C. Rising, President and Chief Executive Officer, in making the announcement, said "Catellus is establishing an Urban Housing Division for the purpose of developing the Company's in-fill locations and to pursue other non-company owned development opportunities. The Company owns land suitable for this use on sites located throughout the state of California, including the San Francisco Bay Area, Los Angeles, Orange and San Diego Counties."

Kuptz comes to Catellus from the San Diego-based firm of SENTRE Communities, a firm specializing in development of affordable housing and financial consulting for community development organizations and municipalities. Prior to SENTRE Communities, he was Chief Financial Officer and Project Manager for Odmark & Thelan, San Diego's leading urban housing developer. Kuptz is a Certified Public Accountant and began his career at KPMG Peat Marwick, specializing in real estate development and syndication. He earned a Bachelors of Arts degree in both Economics and History from Stanford University.

According to Rising, "The formation of this division has the dual benefits of allowing for the faster monetization of our land holdings as well as creating core competencies that will allow us to pursue additional higher yielding development opportunities."

Headquartered in San Francisco, California, Catellus Development is an owner, developer and manager of real estate assets which have a current value, as of December 31, 1994, of $1.8 billion.

CONTACT: Catellus Development Corporation 

Sharon Davis, 415/974-4609