WINTHROP REALTY TRUST

AT THE COMPANY

Carolyn Tiffany
Chief Operating Officer
(617) 570-4614

Winthrop Realty Trust Announces Pricing of Public Offering of 17 Million Common
                                     Shares

      BOSTON, October 30, 2006 Winthrop Realty Trust (NYSE: FUR) ("Winthrop")
today announced the pricing of 17 million newly issued common shares of
beneficial interest at a price of $6.00 per share. The 17 million shares
represents an increase by 2 million shares from Winthrop's previously announced
public offering of 15 million shares. Winthrop has granted the underwriters a
30-day overallotment option to sell up to an additional 2.55 million shares.

      The sole book-running manager for this offering is Bear, Stearns & Co.
Inc. KeyBanc Capital Markets, a division of McDonald Investments Inc., Stifel,
Nicolaus & Company, Incorporated and BB&T Capital Markets, a division of Scott &
Stringfellow, Inc. are acting as co-managers. Copies of the final prospectus
supplement and the prospectus relating to the offering may be obtained from the
offices of Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, New York
10179 Attention: Prospectus Department (631) 274-8321. The prospectus supplement
and accompanying prospectus related to the offering will also be filed with the
Securities and Exchange Commission and will be available on the SEC's website at
www.sec.gov as well as Winthrop's website at www.winthropreit.com.

      This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these securities
in any state in which the offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that state.

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

Forward-Looking Statements

      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 the Company 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.