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Thomas Properties Group Expands Role at 816 Congress to Include Building Management

^{Published on 2011-03-10 10:30:39 - Market Wire}
 

AUSTIN, Texas--([ BUSINESS WIRE ])--[ Thomas Properties Group, Inc. ] (NASDAQ: TPGI) has been awarded the property management contract by the owners of downtown Austina™s 816 Congress building. This appointment adds to TPGa™s current responsibilities as leasing manager of the building and builds on TPGa™s successful customer service platform in Austin. The property, comprising 433,000 square feet of Class-A office space, is now wholly owned by an affiliate of New York-based Lehman Brothers Holdings Inc. (LBHI).

"We continue to be very pleased with the Austin market and especially our CBD holdings there. Recent leasing activity is very encouraging, and we are bullish on downtown Austin for the long term"

aThomas Properties Group has an excellent reputation, in Austin and nationwide, for providing best-in-class customer service, which is exactly what we want our tenants at 816 Congress to receive,a said Jeff Fitts, head of LBHIa™s real estate group. aThe Thomas Austin team is doing an outstanding job in their leasing efforts for the building, and we are confident they will apply the same professionalism to the operation of the asset.a

The owners of 816 Congress are also part of a partnership with TPG that controls five other CBD Austin office buildings that are leased and managed by Thomas Properties. Those assets include Frost Bank Tower, 300 West 6^th, San Jacinto Center, One American Center and One Congress Plaza. Together with 816 Congress, these other five buildings comprise nearly three million square feet of prime Class-A office space.

aWe continue to be very pleased with the Austin market and especially our CBD holdings there. Recent leasing activity is very encouraging, and we are bullish on downtown Austin for the long term,a said Randy Scott, Executive Vice President of Thomas Properties Group.

816 Congress is a 20-story office tower located at the southwest corner of Ninth St. and Congress Ave., just two blocks from the Texas State Capitol and the adjacent Capitol Complex. The building features unmatched views of the Capitol as well as The University of Texas at Austin campus, with abundant restaurants and entertainment venues in close proximity. The building was completed in 1983 and renovated in 1994 and 2008. In 2008, a $2 million renovation of common spaces included a new lobby and plaza with large-scale installations from noted artists Harold Roach and Barbara Strasen.

The building provides 24-hour security, covered parking, a large conference room, a fitness center with showers and dressing area, a landscaped plaza, overnight drop boxes, a mailroom, a deli, six high-speed passenger elevators and a full-service bank. In 2003, the property earned an Energy Star label from the U.S. Environmental Protection Agency and the U.S. Department of Energy.

Thomas Properties Groupa™s Andrew Smith and Mark Miller represent the 816 Congress building, as well as their firma™s portfolio of other CBD Austin properties.

About Thomas Properties Group

Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit [ www.tpgre.com ].

Forward-Looking Statements

Statements made in this press release that are not historical may contain forward-looking statements. Although Thomas Properties Group believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from Thomas Properties Group's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit to finance commercial real estate transactions, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2008, and contained in our reports on Form 10-Q for fiscal quarters during 2009, which have been filed with the SEC. Thomas Properties Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.