SUPPLEMENT
TO
PROSPECTUS DATED NOVEMBER 4, 1999
77,051 SHARES OF
KEYSTONE PROPERTY TRUST
COMMON STOCK
$0.001 PAR VALUE
An aggregate of 77,051 shares of the Company's Common Stock were sold
on December 15, 1999 at a price of $15.25 per share by CRA Real Estate
Securities (the "selling security holder"), in its capacity as investment
advisor, as follows: 34,051 shares on behalf of BellSouth Corp., nominee name of
Marine Crew & Co.; 20,000 shares on behalf of IBM Retirement Fund, nominee name
of Kane & Co.; and 23,000 shares on behalf of PA State Employees Retirement
System, nominee name of Mac & Co.
All of the 77,051 shares of Common Stock described above were sold by
the selling security holder. The selling security holder has resold or will
resell such shares in the manner described under the "Method of Sale" section in
the Prospectus of which this Supplement forms a part. Any compensation in the
form of discounts, fees or commissions and any profits on the sales of such
shares may be deemed underwriting discounts or commissions.
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The date of this Prospectus Supplement is December 15, 1999
