Colonial Properties Trust Enhances Office Portfolio with Acquisitions in Austin and Charlotte.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust, today announced the acquisitions of two office properties. The first, Research Park Plaza III & IV, is a 357,689 square foot office complex located in Austin, Texas; the second is the Esplanade, a 204,085 square feet building in Charlotte, N.C.

Located in the Northwest sub-market of Austin, Research Park Plaza III & IV is a Class A complex on the Research Boulevard corridor (U.S. Highway 183). The two buildings were built in 2001 and occupied in 2003 after tenant customization that includes floor plates for maximum convenience and superior finishes for a professional work environment. The buildings, which are 100 percent occupied, are leased until 2012 to an investment grade tenant.

In Charlotte, N.C., the company purchased the Esplanade Building, a Class B four-story office building that is 37 percent occupied. Constructed in 1981, the Esplanade Building is located in Charlotte's prestigious SouthPark office sub-market along Rexford Road.

"Austin and Charlotte are improving office markets, and these buildings fit our opportunistic growth strategy," said Bo Jackson, executive vice president of Colonial Properties Trust's office division. "One features a long-term lease with a strong credit tenant in a best-in-class building. The other represents significant upside potential after we reintroduce the property following an extensive renovation."

Similar to the company's purchase of Miami's Colonial Bank Centre building on Brickell Avenue, these buildings meet the company's criteria for creating long term value within high growth Sunbelt markets. Each of the recent office building acquisitions in Austin, Charlotte and Miami follow Colonial Properties' earlier investments in multifamily and retail properties.

Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in the Sunbelt. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. The company has a total market capitalization of approximately $5.5 billion. The company owns or manages 49,300 apartment units, 7.8 million square feet of office space and 13.4 million square feet of retail shopping space. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, visit www.colonialprop.com.