The Company sold two properties in the first nine months and has completed the sale of two additional properties in the fourth quarter. Accordingly the Company has reflected the income from the properties sold and to be sold as income from discontinued operations. The income from discontinued operations, including the gains on the sale completed, net of taxes and non-controlling interest, was $8,730,000.

The net income for the nine months was $14,834,000 compared to $3,007,000 for the nine months ended September 30, 2008. Earnings per share were $.26 per share compared to $.05 for the nine months September 30, 2008.

This press release contains forward-looking statements regarding the future success of Madison's business that are subject to risk and uncertainties. Examples of such forward-looking statements include, but are not limited to, statements concerning the anticipated closings of property sales. Forward looking information typically contain statements with words such as "expect", "believe", "plan", "forecast", "intend" or similar words suggesting future outcomes. These forward-looking statements involve known and unknown risk and uncertainties that may cause Madison's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to the closing and financing risk and the risks and uncertainties described in the Company's 2008 annual report and third quarter MD&A. Although the forward-looking statements contained herein are based upon what management believes to be current and reasonable assumptions, Madison cannot assure readers that the actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results from those set forth in the forward-looking statements.

Contacts:
Madison Pacific Properties Inc.
Mr. Alan Firth
President
(604) 732-6540

Madison Pacific Properties Inc.
Mr. Bill Ramsey
(604) 732-6540
(604) 732-6550 (FAX)

SOURCE: Madison Pacific Properties Inc.

This press release contains forward-looking statements regarding the future success of Madison's business that are subject to risk and uncertainties. Examples of such forward-looking statements include the collectible of the $27.75 million vendor financing. Forward looking information typically contain statements with words such as "expect", "believe", "plan", "forecast", "intend" or similar words suggesting future outcomes. These forward-looking statements involve known and unknown risk and uncertainties that may cause Madison's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include that the purchaser of the Lougheed and Willingdon property may not be able to repay the principal and interest as the amounts become due and/or the security given against the financing is not adequate to cover the unpaid balance and the risks and uncertainties described in the Company's 2008 annual report and second quarter MD&A. Although the forward-looking statements contained herein are based upon what management believes to be current and reasonable assumptions, Madison cannot assure readers that the actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results from those set forth in the forward-looking statements.

Contacts:
Madison Pacific Properties Inc.
Mr. Alan Firth
President
(604) 732-6540

Madison Pacific Properties Inc.
Mr. Bill Ramsey
Chief Financial Officer
(604) 732-6540
(604) 732-6550 (FAX)

SOURCE: Madison Pacific Properties Inc.