Palo Alto, California - November 9, 1999 - Essex Property Trust, Inc. (NYSE:"ESS") today announced that it has completed the acquisition of Coronado at Newport-South (formerly Oakwood Newport Beach Apartments-South), a 715 unit apartment community, located in Southern California's prestigious Newport Beach, for a contract price of $64.5 million. A private REIT (Real Estate Investment Trust), Newport Beach South, Inc., was formed to hold the economic interests in the property. Essex will own a 49.9 percent interest in Newport Beach South, Inc., with the remaining interests owned by an institutional investor and The Boston Financial Group, L.P. Prior to the closing of the acquisition and joint venture, Essex recapitalized Newport Beach North, Inc., which was formed in September 1999 to purchase 732-unit Coronado at Newport-North, admitting the institutional investor and The Boston Financial Group, L.P. as to a 50.1 percent ownership position. As a result of these transactions, Newport Beach North, Inc. and Newport Beach South, Inc. are both private REITs with identical ownership structures.

The ventures obtained non-recourse financing which was provided by Union Bank of California and Bank of America. The loans have a three-year term, bear interest at LIBOR plus 2.25 percent, and provide for additional funding during the planned renovation. The initial loan funding was $37.6 million and $34.1 million for Coronado at Newport-South and North, respectively.

The acquisition of Coronado at Newport-South completes the previously announced purchase of three properties located in premier Southern California locations. In connection with the transaction, Essex and its partners expect to complete an extensive renovation program, in which they will invest a total of approximately $28 million in both Coronado at Newport properties over the next three years. The renovation program will improve the properties both aesthetically and structurally, while providing features and amenities that are valued by the high-end renter residing in the Newport Beach area.

Keith R. Guericke, Essex's President and Chief Executive Officer commented that, "Our acquisition of these premier assets and the formation of the joint venture are important for several reasons. First, these transactions reaffirm and expand Essex's strategy of adding value through property renovation and asset management. Second, the due diligence and subsequent investment of its institutional partner have validated the appropriateness of Essex's approach and plan with respect to its renovation program. Finally, the relationship created by the joint venture is important because it broadens Essex's capital alternatives--providing a capital source which is not directly impacted by the public securities markets."

Michael J. Schall, Essex's Chief Financial Officer indicated that, "The venture is formed with the premise that Essex and its partners share both the rewards and risks of owning the properties in relation to their contributed capital. Accordingly, the interest of Essex and its partners are completely aligned--cash flow and appreciation are apportioned based on contributed capital--without guarantees or preferences. Essex will receive management and redevelopment fee income and has the potential for a significant incentive payment, which is conditioned on the financial success of the transaction. The agreements do not include preferences, unilateral buy-outs, or complicated conversions into Essex stock."

Both properties are expected to experience substantial renovations, which once completed, will provide high-quality amenities and features. Enhancements to building exteriors will include cosmetic and structural elements, extensive exterior architectural detail, new deck treatments, a four-color paint scheme and landscaping. In addition, other high-end upgrades will include a fully equipped fitness center, complete with audio-visual equipment, and a business center that will accommodate even the most technology-savvy executive. Unit interiors will be upgraded using Essex's standard program that creates "like-new" apartment homes, which have been proven to be attractive to residents at many Essex communities.

The location of the two properties is ideal--providing access to many of Orange County's lifestyle activities, including a leisurely stroll around Balboa Island or the Newport Bay Ecological Preserve, shopping at Fashion Island, or bicycling to the extraordinary Southern California beaches. In addition, Coronado at Newport is only a few miles from John Wayne Airport and several primary thoroughfares--making it easily accessible to jobs in nearby Irvine.

Coronado at Newport-South consists of 46 buildings with a three-story design, including eight floor plans with units ranging in size from 406 square-foot studios to 1079 square-foot two-bedroom units. Amenities include fireplaces, balconies, security garages, a fitness center, pool and spa areas, tennis courts with a pro shop, basketball courts, volleyball courts, tot lots, on-site drop off/pick up dry-cleaning services, business centers, private theaters, and barbecue facilities.

Essex Property Trust, Inc., located in Palo Alto and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. The Company currently has ownership interests in 68 multifamily properties (15,105 units), and has 1,500 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexproperties.com. If you would like to receive future press releases via e-mail-please send a request to pullars@essexproperties.com.

The Boston Financial Group, L.P. was acquired by Lend Lease Real Estate Investments on November 3, 1999. Lend Lease Real Estate Investments has $30.5 billion in real estate and commercial mortgages under management for more than 500 institutional and private clients in ht US. On a worldwide basis the Lend Lease Group operates on five continents with $37.4 billion in real estate under management and total funds under management and administration of $55.6 billion. In addition to real estate investments, the Lend Lease Group operates in the areas of property development, project management and construction, and capital services (infrastructure). Financial services activities include funds management, life insurance, and wealth protection. Lend Lease Corporation's market capitalization is $6 billion.