WINTRHOP REALTY TRUST

AT THE COMPANY
Carolyn Tiffany
Chief Operating Officer
(617) 570-4614

              WINTHROP REALTY TRUST ANNOUNCES IT HAS ACQUIRED A 99%
             PARTICIPATION INTEREST IN A $60 MILLION MEZZANINE LOAN

      Boston, Massachusetts- December 8, 2005-Winthrop Realty Trust (NYSE:FUR)
together with two unaffiliated joint venture partners acquired a 99%
participation interest in a $60,000,000 mezzanine loan secured by the indirect
ownership interests on real property located in New York City commonly known as
the Toy Center. The purchase price for the participation was $59,400,000, of
which $30,000,000 was provided from financing and $19,600,000 was provided from
the joint venture partners. The Trust effectively holds a 33% interest in the
mezzanine loan and is entitled to an additional 20% profits interest after its
joint venture partners receive a return of capital plus 7%. The current
principal amount of the mezzanine loan is $60,000,000, it bears interest at
LIBOR plus 5.6% per annum and is scheduled to mature in April 2008. The
$30,000,000 financing obtained by the joint venture requires payments of
interest only at LIBOR plus 3% per annum, requires payments of interest only and
is co-terminus with the mezzanine loan. As a result, the current yield to the
Trust, prior to its promoted interest, is approximately 12.6%.

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      Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Winthrop Realty Trust to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks associated
with the timing of and costs associated with property improvements, financing
commitments and general competitive factors. Further information about these
matters and the risks generally with respect to Winthrop can be found in
Winthrop's filings with the Securities and Exchange Commission.

      Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts.