AMB Property Corporation and Allianz Real Estate Form a euro 470 Million Joint Venture

SAN FRANCISCO, March 3, 2011 - AMB Property Corporation(R) (NYSE: AMB), a leading owner, operator and
developer of global industrial real estate, today announced the formation of
a joint venture between AMB and Allianz Real Estate. The fund is structured
as a Luxembourg FCP-FIS and its investment strategy is to acquire, own and
operate logistics real estate tied to global trade and located in major
seaport, airport and distribution markets in the Eurozone.

"We are pleased to be partnering with Allianz Real Estate, a global
leader in financial services," said Hamid R. Moghadam, AMB's chairman and
CEO. "This is a critical step in our commitment to developing private capital
ventures with leading global investors. With this new venture we will seek
opportunities to deploy capital across the Eurozone in markets that are vital
to the global supply chain."

Allianz Real Estate's initial equity commitment will be approximately
euro 400 million and the joint venture's overall equity commitment is euro
470 million (USD $648 million), including AMB's 15% co-investment.

"It is Allianz Real Estate's strategy to invest indirectly in regions or
niches where we do not have adequate expertise on our own," said Olivier
Piani, CEO, Allianz Real Estate. "We find this expertise for an industrial
joint venture with partners like AMB. This joint venture is the largest we
have done thus far, as well as our biggest foray into the logistics space. We
see a lot of long-term opportunities and are excited to move forward."

As of December 31, 2010, AMB's portfolio in Europe totaled more than 1.4
million square meters (15.4 million square feet) of operating and development
properties.

AMB Property Corporation.(R) Local partner to global trade.(TM)

AMB Property Corporation(R) is a leading owner, operator and developer of
industrial real estate, focused on major hub and gateway distribution markets
in the Americas, Europe and Asia. As of December 31, 2010, AMB owned, or had
investments in, on a consolidated basis or through unconsolidated joint
ventures, properties and development projects expected to total approximately
159.6 million square feet (14.8 million square meters) in 49 markets within
15 countries. AMB invests in properties located predominantly in the infill
submarkets of its targeted markets. The company's portfolio is comprised of
High Throughput Distribution(R) facilities-industrial properties built for
speed and located near airports, seaports and ground transportation systems.

Some of the information included in this press release contains
forward-looking statements, such as statements related to the offering and
the issuance and sale of the securities, the use of the proceeds from the
offering, the investment opportunities in Europe, and the business of the
fund, which are made pursuant to the safe-harbor provisions of Section 21E of
the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. Because these forward-looking statements
involve risks and uncertainties, there are important factors that could cause
our actual results to differ materially from those in the forward-looking
statements, and you should not rely on the forward-looking statements as
predictions of future events. The events or circumstances reflected in
forward-looking statements might not occur. You can identify forward-looking
statements by the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative of these
words and phrases or similar words or phrases. You can also identify
forward-looking statements by discussions of strategy, plans or intentions.
Forward-looking statements are necessarily dependent on assumptions, data or
methods that may be incorrect or imprecise and we may not be able to realize
them. We caution you not to place undue reliance on forward-looking
statements, which reflect our analysis only and speak only as of the date of
this report or the dates indicated in the statements. We assume no obligation
to update or supplement forward-looking statements. The following factors,
among others, could cause actual results and future events to differ
materially from those set forth or contemplated in the forward-looking
statements: changes in general economic conditions in California, the U.S. or
globally (including financial market fluctuations), global trade or in the
real estate sector (including risks relating to decreasing real estate
valuations and impairment charges); risks associated with using debt to fund
the company's business activities, including refinancing and interest rate
risks; the company's failure to obtain, renew, or extend necessary financing
or access the debt or equity markets; the company's failure to maintain its
current credit agency ratings or comply with its debt covenants; risks
related to the proposed merger transaction with ProLogis, including
litigation related to the merger, any decreases in the price of ProLogis
stock, and the risk that, if completed, the merger may not achieve its
intended results; risks associated with the ability to consummate the merger
and the timing of the closing of the merger; risks related to the company's
obligations in the event of certain defaults under co-investment venture and
other debt; defaults on or non-renewal of leases by customers, lease renewals
at lower than expected rent or failure to lease properties at all or on
favorable rents and terms; difficulties in identifying properties, portfolios
of properties, or interests in real-estate related entities or platforms to
acquire and in effecting acquisitions on advantageous terms and the failure
of acquisitions to perform as the company expects; unknown liabilities
acquired in connection with the acquired properties, portfolios of
properties, or interests in real-estate related entities; the company's
failure to successfully integrate acquired properties and operations; risks
and uncertainties affecting property development, redevelopment and
value-added conversion (including construction delays, cost overruns, the
company's inability to obtain necessary permits and financing, the company's
inability to lease properties at all or at favorable rents and terms, and
public opposition to these activities); the company's failure to set up
additional funds, attract additional investment in existing funds or to
contribute properties to its co-investment ventures due to such factors as
its inability to acquire, develop, or lease properties that meet the
investment criteria of such ventures, or the co-investment ventures'
inability to access debt and equity capital to pay for property contributions
or their allocation of available capital to cover other capital requirements;
risks and uncertainties relating to the disposition of properties to third
parties and the company's ability to effect such transactions on advantageous
terms and to timely reinvest proceeds from any such dispositions; risks of
doing business internationally and global expansion, including unfamiliarity
with the new markets and currency risks; risks of changing personnel and
roles; losses in excess of the company's insurance coverage; changes in
local, state and federal regulatory requirements, including changes in real
estate and zoning laws; increases in real property tax rates; risks
associated with the company's tax structuring; increases in interest rates
and operating costs or greater than expected capital expenditures;
environmental uncertainties and risks related to natural disasters; and our
failure to qualify and maintain our status as a real estate investment trust.
Our success also depends upon economic trends generally, various market
conditions and fluctuations and those other risk factors discussed under the
heading "Risk Factors" and elsewhere in our most recent annual report on Form
10-K for the year ended December 31, 2010.

Tracy A. Ward, Vice President, IR & Corporate Communications, +1-415-733-9565, tward at amb.com, or Jon M. Boilard, Director, Media and Public Relations, +1-415-733-9561, jboilard at amb.com, both of AMB Property Corporation