HRY Hallwood Realty Partners, Lp

Hallwood Realty Partners, L.P. Announces Completion of Merger DALLAS, July 16 /PRNewswire-FirstCall/ -- Hallwood Realty Partners, L.P. (AMEX:HRY) ("the Partnership") today announced the completion of the merger of the Partnership with a wholly-owned subsidiary of HRPT Properties Trust. The merger was approved by the Partnership's unitholders at the Special Meeting of Unitholders held July 15, 2004. As a result of the merger, the Partnership will no longer be a publicly traded limited partnership. At the special meeting, holders of approximately 53.74% of the outstanding units voted to approve the merger. In the merger, unitholders will receive an amount per unit in cash equal to $136.70 per unit of limited partnership interest. Of this amount $0.31 will be withheld subject to the award of attorneys' fees to the class counsel in the I.G. Holdings litigation. Unitholders will receive a letter of transmittal with instructions from the paying agent informing them how to exchange their units for the merger consideration. It is anticipated that the letters of transmittal will be sent to unitholders in the next few days. DATASOURCE: Hallwood Realty Partners, L.P. CONTACT: investors, Bob Marese of MacKenzie Partners, Inc., +1-212-929-5405, or media, Roy Winnick of Kekst and Company, +1-212-521-4842, both for Hallwood Realty Partners, L.P. Web site: http://www.hallwood.com/hrp

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