News RELEASE

AT&T Renews at Waterpark II in Aurora

Aurora, CO -- September 29, 2004: On September 2, 2004 a renewal lease for 12,427 sq. ft. was signed with telecommunications provider, AT&T (www.att.com) at Waterpark II, a 104,121 SF office property in Aurora, CO. The property is owned and operated by investment advisory firm, KBS Realty Advisors (www.kbsrealty.com).

For more than 125 years, AT&T (NYSE : ATT) has been known for unparalleled quality and reliability in communications. Backed by the research and development capabilities of AT&T Labs, the company's commitment to innovation has made them a global leader in local, long distance, Internet, and transaction-based voice and data services.

"We are very pleased to continue to provide quality suburban office space to AT&T," commented Mark Brecheen, Senior Vice President and Asset Manager for KBS Realty Advisors. "We look forward to a long-lasting relationship."

Brokering the AT&T lease transaction on behalf of KBS were Kevin McKennon and Jonathan Jones of Transwestern Commercial Services (www.transwestern.net).

Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested approximately $5 billion on behalf of its clients. KBS specializes in purchasing and repositioning under-performing real estate and real-estate related assets in the United States.