NEWTON, Mass.--(BUSINESS WIRE)-- CommonWealth REIT (NYSE: CWH) today announced that it has commenced a proposed public offering of 5,000,000 common shares. CommonWealth expects to use the net proceeds to reduce amounts outstanding under its $750 million revolving credit facility, fund a portion of its redemption of the remaining seven million shares of its 8 ¾% Series B cumulative redeemable preferred shares, and fund general business activities, including possible future acquisitions. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 750,000 shares to cover over allotments, if any.

Morgan Stanley, Citi and Wells Fargo Securities are the joint book-running managers for this offering. Jefferies & Company, Morgan Keegan & Company, Inc., RBC Capital Markets and UBS Investment Bank are co-lead managers. BB&T Capital Markets, Janney Montgomery Scott and Oppenheimer & Co. are co-managers.

This press release is not an offer to sell, nor a solicitation of an offer to buy, shares, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The preliminary prospectus supplement relating to this offering and related prospectus are expected to be filed with the SEC and copies can be obtained from the offices of Morgan Stanley & Co. Incorporated, 180 Varick St., 2^nd Floor, New York, New York, Attention: Prospectus Department, by email at [email protected] or telephone (866) 718-1649, from the offices of Citi, Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone (800) 831-9146, or from the offices of Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, N.Y., 10152, by e-mail at: [email protected] or telephone (800) 326-5897 or by contacting any of the other co-lead managers listed above.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON COMMONWEALTH’S PRESENT EXPECTATIONS, BUT THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE,

• ALTHOUGH THIS PRESS RELEASE REFERS TO AN OFFERING OF 5,000,000 COMMON SHARES, MORE OR LESS THAN 5,000,000 COMMON SHARES MAY BE SOLD, OR THIS OFFERING MAY BE WITHDRAWN.
• THIS PRESS RELEASE STATES THAT COMMONWEALTH EXPECTS TO REDEEM ALL OF ITS OUTSTANDING 8 ¾% SERIES B CUMULATIVE REDEEMABLE PREFERRED SHARES. IF UNFORESEEN CIRCUMSTANCES OCCUR, THE EXPECTED REDEMPTION OF SERIES B SHARES MAY NOT BE COMPLETED.

FOR THESE REASONS, AMONG OTHERS, INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENT.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Source: CommonWealth REIT

CommonWealth REIT

Timothy A. Bonang, 617-796-8222

Vice President, Investor Relations

or

Carlynn Finn, 617-796-8222

Manager, Investor Relations