Archstone-Smith Promotes Matthew T. Smith to
Senior Vice President

DENVER — May 7, 2007 — Archstone-Smith (NYSE:ASN) today announced the promotion of Matthew T. Smith to Senior Vice President. In his new role, Mr. Smith will assume responsibility for oversight of the company's East Region community operations, which is comprised of more than 30,000 apartment units primarily located in the greater Washington D.C. metropolitan area, New York City, and Boston, and represents more than 50% of the company's net operating income.

Mr. Smith joined Archstone-Smith in 2005 as Group Vice President - Northeast Operations, where he was responsible for the Company's community operations in New York City and Boston. Mr. Smith holds a Bachelor of Arts with a double major in economics and urban studies from the University of Pennsylvania and a Master of Business Administration with a double major in finance and accounting from the Stern School of Business at New York University.

"Matt has a solid track record of producing outstanding operating results while simultaneously building strong and cohesive teams" said Jack R. Callison, Jr., who will become the company's President – U.S. Operations. "Matt is a highly regarded leader within our organization and we are confident he will do a tremendous job leading our East Region operating organization going forward."

Archstone-Smith (NYSE: ASN), an S&P 500 company, is a recognized leader in apartment investment and operations. With a current total market capitalization of $19.2 billion, the company's portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California,  the New York City metropolitan area, the San Francisco Bay Area, Boston, Seattle, Southeast Florida and Chicago. The company continually upgrades the quality of its portfolio through the selective sale of assets, using proceeds to fund investments in assets with even better growth prospects. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers – backed by unconditional service guarantees. As of December 31, 2006, the company owned or had an ownership position in 348 communities, representing 88,011 units, including units under construction.

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Archstone-Smith's press releases are available on the company's web site at www.ArchstoneSmith.com or by calling (800) 982-9293. In addition to historical information, this press release contains forward-looking statements and information under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Archstone-Smith operates, and beliefs and assumptions made by management. While Archstone-Smith management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. See "Risk Factors" in Archstone-Smith's 2006 Annual Report on Form 10-K for factors which could affect Archstone-Smith's future financial performance.