exhibit 99.1
 
                                             Press Release-For Immediate Release



                                                               Company Contacts:
                                                         Copley Properties, Inc.
                                          Mary L. Lentz, Chief Operating Officer
                                                                   (617)578-1295

                                                            EastGroup Properties
                                                   David H. Hoster II, President
                                         N. Keith McKey, Chief Financial Officer
                                                                   (601)354-3555




               EASTGROUP PROPERTIES AND COPLEY PROPERTIES, INC.
                          ANNOUNCE AGREEMENT TO MERGE

February 13, 1996 EastGroup Properties (EGP-NYSE) and Copley Properties, Inc. 
(COP-ASE), both of which are real estate investment trusts, jointly announced 
that they have entered into an Agreement and Plan of Merger under which Copley 
will be merged into EastGroup. In the merger, each share of Copley's common 
stock will be converted into EastGroup shares of beneficial interest with a 
value of $15.60, subject to the limitations described below. If, however, Copley
has sold its interest in University Business Center Associates ("UBC") to 
Copley's joint venture partner prior to the closing of the merger, each Copley 
share will be converted into EastGroup shares with a value of $12.00 and the 
proceeds from the sale of the UBC interest equal to $3.60 per share will be 
distributed to Copley's shareholders prior to the merger.

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     The value of EastGroup shares for purposes of calculating the ratio at
which Copley shares will be converted into EastGroup shares in the merger will
be the average of the closing price of EastGroup shares on the New York Stock
Exchange on the 20 trading days immediately preceding the fifth trading day
prior to the effective date of the merger (the "EastGroup Stock Price");
however, the EastGroup Stock Price will be deemed to equal $20.25 if the average
price of EastGroup shares calculated above is less than or equal to $20.25, and
$23.00 if the average price of EastGroup shares is greater than or equal to
$23.00. Copley has the right, waivable by it, to terminate the merger agreement
without liability if the average closing price of EastGroup shares on the New
York Stock Exchange on the 20 trading days immediately preceding the fifth
trading day prior to (i) the date on which the Securities and Exchange
Commission declares EastGroup's Registration Statement with respect to the
merger effective or (ii) the date on which Copley's stockholders' meeting with
respect to the merger is held is equal to or less than $18.25.

     Leland R. Speed, Chairman of EastGroup, stated, "We feel that the proposed 
combination of Copley and EastGroup will create both immediate and long term 
benefits to the shareholders of the two entities. We believe that the 
transaction is accretive for EastGroup shareholders and that it will also result
in increased quarterly dividends for Copley shareholders once they receive their
EastGroup shares."

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     David H. Hoster II, President of EastGroup, stated "The transaction
represents an extension of EastGroup's sunbelt strategy into the growth states
of Arizona and California from its current strong base of investments primarily
in Florida and Texas. The acquisition of this portfolio of quality industrial
and office properties will increase EastGroup's ownership to a total of
approximately 5,000,000 square feet of industrial and office space."

     Steven E. Wheeler, President of Copley Properties, Inc., stated, "After 
months of exploring Copley's alternatives, we believe that this transaction is 
in the best interest of our shareholders."

     The merger is subject to several conditions including approval by the
shareholders of both Copley and EastGroup and registration of the EastGroup
shares to be issued in the merger with the SEC.

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