Luxury Apartment Living Arrives in Downtown Boston
Archstone Boston Common Apartments Now Available

Boston (November 29, 2006) – Archstone Boston Common, the first luxury high-rise apartment community built in Downtown Boston in more than 20 years, has opened its doors. The 420-unit, 28-story community is located near the Theatre and Financial Districts, bringing the best of city living to its residents. Developed by Archstone-Smith, one of the nation’s largest and most-respected apartment companies, Archstone Boston Common is the only downtown apartment community to guarantee 100% satisfaction for its residents through its industry-leading Seal of Service.TM “

Archstone Boston Common gives discerning residents the chance to experience the best that this city has to offer – from fabulous restaurants and entertainment, to living near the historic Freedom Trail,” said Karl Trieschman, group vice president, Archstone-Smith. “Bostonians are sophisticated, and we are here to give them the sophisticated apartments that they deserve. Not only do we offer a fabulous location, our residents enjoy a suite of services that simply are not offered anywhere else: 100% satisfaction guarantees, flexible lease terms and complete online leasing.”

Apartments in Archstone Boston Common offer a host of top-of-the-line amenities, including granite countertops, stainless steel appliances, hardwood floors, in-unit washers and dryers, fireplaces and balconies. The community also features a Click! Café Internet lounge, equipped with complimentary beverages and wireless Internet access; a Club SuiteTM that gives residents a place to socialize with home theater seating and a 70-inch flat-screen television, game room and kitchen; and a Caliber Sports ClubTM that offers cardio theatre equipment adjacent to the indoor pool. Archstone Boston Common is also pet-friendly. At Archstone Boston Common, convenience and customer service are the top priorities.

As with every Archstone community, residents of Archstone Boston Common enjoy the Archstone Seal of Service, which includes:

• Online Lease. Prospective residents can visit ArchstoneApartments.com to view real-time pricing and availability, select a floor plan, complete an application and get their lease – all in about 15 minutes.

• Exclusive access to myArchstone.com. Through this resident-only web site, residents can pay rent online, submit and track service requests, take part in periodic satisfaction surveys and more.

• 100% Move-In Satisfaction Guarantee – If not completely satisfied for any reason, residents can move out of their apartment without penalty within the first 30 days of their lease, no questions asked.

• 1-Day Service Guarantee – All services requests will be answered within 24 hours, guaranteed.

• The Relocation Guarantee – If a resident needs to move, for any reason, the company will help find him/her another Archstone-Smith apartment coast to coast.

• Customer Service Connection. The only national call center in apartments is available for residents to share their comments, concerns and ideas.

Archstone Boston Common’s leasing office and model apartments are open weekdays from 9 a.m. to 6 p.m., Saturdays from 9 a.m. to 5 p.m., and Sundays from 11 a.m. to 5 p.m. You may contact Archstone Boston Common at 617-350-5501; via e-mail at bostoncommon@archstonesmith.com, or through Archstone’s web site at ArchstoneApartments.com.

Archstone-Smith (NYSE: ASN) is one of the nation’s leading owners, operators, developers and acquirers of apartments headquartered in Denver, Co. With a current total market capitalization of more than $20 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. As of October 31, 2006, the company owned or had an ownership position in 353 communities, representing 89,699 units, including units under construction. In addition to Archstone Boston Common, Archstone now has 14 communities in the greater Boston metro area, all backed by the Archstone Seal of Service, including Archstone 2000 Commonwealth, Archstone Bear Hill, Archstone Burlington, Archstone Canton, Archstone Cronin’s Landing, Archstone Kendall Square, Archstone Park Place, Archstone Quarry Hills, Archstone Quincy, Archstone Reading, Archstone Vinnin Square, Archstone Waltham and Archstone Watertown Square.

Archstone-Smith's archived press releases are available on its web site at www.ArchstoneSmith.com or may be obtained 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, management's 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 and supplemental information. In addition, the historical performance described herein is not a guarantee of future performance, which may differ materially from past results. See "Risk Factors" in Archstone-Smith's 2005 Annual Report on Form 10-K for factors which could affect Archstone-Smith's future financial performance.