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Catellus Leases 758,000 S.F. Warehouse in Southern California SAN FRANCISCO, March 1 /PRNewswire-FirstCall/ -- Catellus Development Corporation announced today that one of the country's leading retailers signed a seven-year lease for a 758,000 square foot warehouse development, scheduled for completion in June 2004, at Kaiser Commerce Center in Southern California's Inland Empire sub-market. Kaiser Commerce Center, a 588-acre business park development at the site of a former steel mill, was acquired in 2000. Following approximately one year spent on site remediation and preparation, Catellus has developed -- for its own portfolio or sale -- approximately 4.5 million square feet of distribution warehouse space at the park in 36 months. In theInland Empire -- a sub-market included in one of the country's top five distribution markets -- Catellus owns and operates approximately 9.2 million square feet of fully leased industrial property, most of which it developed. Catellus Development Corporation is a publicly traded real estate development company that began operating as a real estate investment trust effective January 1, 2004. The company owns and operates approximately 38.2 million square feet of predominately industrial property in many of the country's major distribution centers and transportation corridors. Catellus' principal objective is sustainable, long-term growth in earnings, which it seeks to achieve by applying its strategic resources: a lower-risk/ higher-return rental portfolio, a focus on expanding that portfolio through development, and the deployment of its proven land development skills to select opportunities where it can generate profits to recycle back into its business. More information on the company is available at http://www.catellus.com/ Except for historical matters, the matters discussed in this release are forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about plans, opportunities, and development. 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, except as may be required by law. 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,including a worsening economic slowdown or recession; product and geographical concentration; industry competition; availability of financing and changes in interest rates and capital markets; changes in insurance markets; discretionary government decisions affecting the use of land, and delays resulting therefrom; changes in the management team; weather conditions and other natural occurrences that may affect construction or cause damage to assets; changes in income taxes or tax laws; liability for environmental remediation and changes in environmental laws and regulations; failure or inability of third parties to fulfill their commitments or to perform their obligations under agreements; failure of parties to reach agreement or definitive terms or to close transactions; increases in the cost of land and construction materials and availability of properties for future development; limitations on, or challenges to, title to our properties; risks related to the financial strength of joint venture projects and co-owners; changes in policies and practices of organized labor groups; shortages or increased costs of electrical power; other risks inherent in the real estate business; and acts of war, other geopolitical events and terrorists activities that could adversely affect any of the above factors. For further information, including more detailed risk factors, you should refer to Catellus Development Corporation's annual report on Form 10-K/A for the fiscal year ended December 31, 2002, and its reports on Form 10-Q for the quarters ended March 31, 2003, June 30, 2003, and September 30, 2003, filed with the Securities and Exchange Commission ("SEC"), as well as the proxy statement/prospectus filed with the SEC on August 15, 2003. Margan Mitchell Minnie Wright Corporate Communications Investor Relations 415-974-4616 415-974-4649 DATASOURCE: Catellus Development Corporation CONTACT: Margan Mitchell, Corporate Communications, +1-415-974-4616, or Minnie Wright, Investor Relations, +1-415-974-4649, both of Catellus Development Corporation Web site: http://www.catellus.com/

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