CBL & ASSOCIATES PROPERTIES OPENS CORTLANDT TOWN CENTER IN CORTLANDT, WESTCHESTER COUNTY, NEW YORK.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Nov. 14, 1997--CBL & Associates Properties, Inc. (NYSE:CBL) today announced the grand opening of the first phase of Cortlandt Town Center, a 772,000-square-foot power center in Cortlandt (Westchester County), New York.

Located at the site of the former Westchester Mall on approximately 120 acres on Route 6 in northern Westchester County, Cortlandt Town Center's first phase is anchored by Home Depot, HomePlace, Steinbach, Barnes & Noble, Modell's Sporting Goods and Old Navy. Opening later this year and continuing through the summer of 1998 will be other major retailers including A&P Supermarket, Party City, Office Max, Marshall's, PetsMart, United Artists Theater and Wal-Mart. Cortlandt Town Center is currently 96% leased and committed and contains over 162,000 square feet of small shops.

Commenting on the announcement, Charles B. Lebovitz, CBL's chairman, president and chief executive officer, stated, "Cortlandt Town Center not only represents the largest project undertaken to date by our Boston regional office, but also brings to successful fruition one of the most exciting and complex acquisitions and subsequent redevelopments we have undertaken. This will be the largest retailing facility in northern Westchester County, and we are proud to bring some of these outstanding national retailers to this area for the first time."

CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, primarily in the Southeast and select markets in the northeastern United States. The Company has a portfolio of 120 properties totaling 24.9 million square feet (including nine new centers opened year to date as indicated below), manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction three new projects totaling approximately 1.5 million square feet, including one mall and two community centers. -0-

               NEW SHOPPING CENTERS OPENED IN 1997


Center                        Location            Square Footage

Hannaford Food & Drug        Richmond, VA            60,954
The Terrace                  Chattanooga, TN        156,317
Massard Crossing             Fort Smith, AR         290,717
Salem Crossing               Virginia Beach, VA     289,305
Strawbridge Marketplace      Virginia Beach, VA      43,570
Springhurst Towne Center     Louisville, KY         798,736
Bonita Lakes Mall            Meridian, MS           631,555
Bonita Lakes Crossing        Meridian, MS           110,500
Cortlandt Town Center        Cortlandt, NY          772,451
Chester Square(a)            Richmond, VA            10,000
(a) Opening in November      Total                3,164,105

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Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.

CONTACT: CBL & Associates Properties Inc., Chattanooga

John N. Foy, 423/855-0001