Catellus Closes On Sale of Condominium Parcel At Mission Bay.

Business Editors/Real Estate Writers

SAN FRANCISCO--(BUSINESS WIRE)--April 9, 2001

Catellus Development Corporation (NYSE:CDX) announced today that it has completed the sale of a .98 acre condominium parcel for $13.5 million to a partnership between Signature Properties, Inc. and The Riding Group, LLC at Mission Bay in San Francisco. The partnership received basic concept and schematic design approval last week from the City of San Francisco for the development of up to 100 luxury for-sale condominiums.

Nelson Rising, chairman and chief executive officer of Catellus, commented, "We are extremely pleased to have the first condominiums at Mission Bay developed by the Signature Riding partnership, which has such an outstanding reputation for quality. When combined with the City's affordable housing and AvalonBay Communities' apartments already under construction, these condominiums will offer buyers and renters from various age groups and economic backgrounds a broad range of housing prices, which we believe is essential to creating Mission Bay's dynamic urban environment."

Construction on the site, located along the Channel Creek waterfront, is expected to begin during the third quarter of 2001 with initial marketing of the condominiums beginning in mid 2002.

Catellus Development Corporation is one of the nation's premier diversified real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns one of the largest portfolios of developable land in the Western United States capable of supporting over 47.7 million square feet of new commercial development and an estimated 10,800 residential lots and units. More information on the Company is available at www.catellus.com.

Except for historical matters, the matters discussed in this release relative to Catellus Development Corp. are forward-looking statements that involve risks and uncertainties. We have tried, wherever practical, to identify these forward-looking statements by using words like "plan," "anticipate," "believe," "estimate," "project," "expect," and similar expressions. Forward-looking statements include, but are not limited to, statements about plans; opportunities; negotiations; markets and economic conditions; development, construction, and sales activities; availability of financing; and property values.

We caution you not to place undue reliance on these forward-looking statements, which reflect our current beliefs and are based on information currently available to us. We do not undertake any obligation to publicly revise these forward-looking statements to reflect future events or changes in circumstances.

These forward-looking statements are subject to risks and uncertainties that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by these statements. In particular, among the factors that could cause actual results to differ materially are:

-- Changes in the real estate market or in general economic conditions in the
areas in which we own property.

-- Issues arising from shortages in electrical power.

-- Our product and geographical concentration.

-- Competition in the real estate industry.

-- Availability of financing to meet our capital needs, the variability of
interest rates, and our ability to use our collateral to secure loans

-- Delay in receipt of or denial of government approvals and entitlements for
development projects, other political and discretionary government decisions
affecting the use of or access to land, or legal challenges to the issuance of
approvals or entitlements.

-- Changes in tax laws and other circumstances that affect our liability to
control the timing and recognition of deferred tax liability.

-- Exposure of our assets to damage from natural occurrences such as
earthquakes, and weather conditions that affect the progress of construction.

-- Liability for environmental remediation at properties owned, managed, or
formerly owned or managed by us or our predecessors, and changes in
environmental laws and regulations.

-- Failure to reach agreement with third parties on definitive terms or failure
to close transactions.

-- Failure or inability of third parties to perform their obligations under
agreements.

-- Increases in the cost of land and building materials.

-- Tight labor markets.

-- Limitations on or challenges to title to our properties.

-- Risks related to the performance and financial strength of the co-owners of
our joint venture projects.

-- Changes in policies and practices of organized labor groups who may work on
our projects.

For further information, you should refer to Catellus Development Corp.'s report on Form 10-K for the fiscal year ended December 31, 2000, and its report on Form 10-Q for the quarter ended September 30, 2000, each filed with the Securities and Exchange Commission.