Crescent's 5 Houston Center Opens Its Doors Nearly 90% Leased.

Business Editors

HOUSTON--(BUSINESS WIRE)--Oct. 8, 2002

Crescent Real Estate Equities Company (NYSE:CEI) today announced that its subsidiary, Crescent 5 Houston Center, L.P., officially opened the doors of its state-of-the-art, 27-story office tower in downtown Houston--5 Houston Center. The 580,875 square-foot, Class A tower is the first multi-tenant office development to be completed in the Central Business District since 1986 and is 88% leased.

"In the past decade, Houston has become a destination city with the revitalization of downtown," said John Goff, Crescent's vice chairman and chief executive officer. "Crescent is proud to continue that momentum with the addition of 5 Houston Center, and we are pleased to meet the needs of our expanding customers at Houston Center."

Construction on the $117 million tower began in November 2000 and was completed ahead of schedule in September 2002. The new high-rise is an addition to Crescent's 3.3 million square feet Houston Center complex downtown, which is currently 95% leased. The tower is connected to other buildings in the Houston Center complex via a sky bridge and underground tunnel system, offering easy access to The Park Shops, the Four Seasons Hotel and Four Seasons Place Apartments, and the Houston Center Club. Each floor of the new tower is approximately 29,000 square feet and is fully wired for broadband telecommunication services and state-of-the-art technology amenities. Additionally, the building offers eight levels of in-building parking with a ratio of 2.2 cars per 1,000 square feet, the highest in the Central Business District.

Ernst & Young U.S. LLP, a professional services firm, is the largest customer of the new building and has signed a 10-year lease for over 147,000 square feet of office space. Additionally, Jackson Walker L.L.P.; Jenkens & Gilchrist, a Professional Corporation; Halliburton Company; Fibich, Hampton, Leebron & Garth, L.L.P.; Davis, Hamilton, Jackson & Associates, L.P.; Strasburger & Price, L.L.P.; Cap Gemini Ernst & Young U.S. LLC; and Bank of Texas, National Association have signed leases at 5 Houston Center.

5 Houston Center is a property of Crescent 5 Houston Center, L.P., a partnership between Crescent Real Estate Equities and JP Morgan Fleming Asset Management.

ABOUT THE COMPANY

Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and partners, Crescent owns and manages a portfolio of 74 premier office buildings totaling over 29 million square feet and centered in the Southwestern United States, with major concentrations in Dallas, Houston, Austin and Denver. In addition, the company has investments in world-class resorts and spas and upscale residential developments.