INVESTORS

CHICAGO, December 15, 1999 – First Industrial Realty Trust, Inc. (NYSE: FR) announced today that it will focus on the nation's top 25 industrial real estate markets due to increases in the demand for industrial real estate from e-commerce and supply chain management. This includes exiting eight current markets and entering four new markets.

President and Chief Executive Officer Michael W. Brennan said, “This strategic repositioning supports a core element of First Industrial's growth plan: meeting the increasing demand for industrial real estate from e-commerce and supply-chain management initiatives. America is undergoing a revolution in e-commerce and supply chain management that will have a profound effect on the demand for industrial facilities. We will meet this demand through our 'INDL' operating strategy in markets that have the greatest growth potential.”

First Industrial's 25 markets were selected based upon three criteria: (1) the target markets must have strong industrial real estate fundamentals, including increased industrial demand expectations from e-commerce and supply chain management; (2) the markets must have a history and future outlook for continued economic growth and diversity; and (3) each market must contain a minimum of 100 million square feet of industrial space. This market-selection process, conducted over the last 12 months, was based on the Company's research and third-party experts.

The Company currently has industrial real estate holdings in 21 of its 25 focus markets. Those 21 current markets are: Atlanta, Baltimore/Washington, Chicago, Cincinnati/Louisville, Dallas/Fort Worth, Denver, Detroit, Harrisburg/Central Pennsylvania, Houston, Indianapolis, Los Angeles, Milwaukee, Minneapolis, Nashville, Northern New Jersey, Philadelphia, Phoenix, Portland, Salt Lake City, St. Louis and Tampa. The Company also plans to eventually enter four new markets: Miami, San Diego, San Francisco and Seattle.

First Industrial will increase its holdings in its 25 target markets by selling its properties in the following eight markets: Cleveland, Columbus, Dayton, Des Moines, Grand Rapids, Hartford, Long Island and New Orleans/Baton Rouge. The Company estimates the market value of its real estate assets in these eight markets at $450 to $500 million, and expects to generate significant profits upon sale. These properties are, in the aggregate, 95 percent occupied and, says Brennan, “We fully expect the performance of these properties to remain strong and stable. The divestiture from these markets is anticipated to be completed in 18 to 24 months.”

The Company's development pipeline, which includes an increasing level of merchant developments, has grown to over $300 million. Because of the rising level of development opportunities, First Industrial remains comfortable with consensus estimates for 2000 earnings.

First Industrial Realty Trust, Inc., one of the nation's largest providers of industrial real estate, owns, operates and manages 78 million square feet of industrial facilities. The Company's strategy is to create shareholder value through the efficient operation of its national franchise, which is diversified across facility type, geographic location and customer base. First Industrial focuses on superior localized customer service and value-added investments.

This press release contains forward looking information about the Company. A number of factors could cause the Company's actual results to differ materially from those anticipated, including changes in the general economic climate, the supply of and demand for industrial properties in the Company's markets, potential environmental liabilities, interest rate levels, the availability of financing, slippage in development or lease-up schedules, tenant credit risks and higher than expected costs. For further information on these and other factors that could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission.