Crescent Resources to Develop Two New Commercial Buildings in Middle Tennessee.

FRANKLIN, Tenn. -- Crescent Resources, LLC will develop two new projects valued at more than $45 million in middle Tennessee, it was announced by Pat Emery, regional vice president. The company that has developed more than 1.7 million square feet of commercial space in the Nashville area will start immediately on a new office building in Franklin, Tenn. as well as a new warehouse in LaVergne, Tenn.

"These speculative buildings totaling more than 650,000-square-feet of rentable space reinforce Crescent's commitment to the Tennessee region," said Emery. "This is a dynamic, growing market and we are exciting about being a part of its future."

The office building, Eight Corporate Centre, is located within Corporate Centre at Cool Springs at I-65 and Cool Springs Boulevard in Franklin. Just 14 miles south of Nashville's central business district, Corporate Centre offers immediate access to I-65 and is 20 minutes from the Nashville International Airport. Eight Corporate Centre will be a five-story office building with 156,000 rentable square feet

Corporate Centre is home to an all-suites hotel and conference center and is adjacent to more than 60 restaurants and retail shops including Cool Springs Galleria, a 1.35 million-square-foot retail center. Corporate Centre's collection of Class A office buildings totaling more than one million square feet are set in a beautifully landscaped campus with walking paths, underground telecommunications connectivity between buildings, underground utilities, fiber-optic telephony, cable television and broadband service. Companies including MetLife, American Express, New York Life, Cendant, Mutual of Omaha, Countrywide, Regions Bank, General Electric, Psychiatric Solutions as well as the headquarters office of Clarcor and many more have offices in Corporate Centre at Cool Springs.

Little Diversified of Charlotte, NC is the architect for Eight Corporate Centre. Ragan Smith & Associates of Nashville will serve as civil engineer, while KingGuinn Associates of Charlotte is the structural engineer.

Construction is expected to begin in August, and completion is anticipated in May, 2006. Crescent Resources will handle leasing.

Crescent is also developing CentrePointe 7, a cross docked warehouse building in CentrePointe Distribution Park at I-24 and Waldron Road in LaVergne, Tenn. CentrePointe Distribution Park is a 260-acre warehouse and distribution park strategically located near the intersection of I-65, I-40, and I-24, and just minutes from the Nashville International Airport. CentrePointe currently has 82,600 square feet of available warehouse space and several prime distribution and retail sites featuring interstate frontage as well as build-to-suit opportunities. CentrePointe has the capacity for 3.5 million square feet of warehouse and distribution space.

The warehouse building, CentrePointe 7, is the fourth building Crescent has developed in CentrePointe. Design Constructors, Inc. served as the architect for the one-story, 500,000-sqaure-feet CentrePointe 7. Ragan Smith & Associates of Nashville is the civil engineer and KingGuinn Associates of Charlotte the structural engineer. T. W. Frierson of Nashville is the general contractor. CentrePointe 7 is expected to be complete in January, 2006.

Crescent Resources, LLC is a land management and real estate development company. Formed more than 30 years ago by Duke Energy, the company has land interests in nine states in the southeastern and southwestern United States. Crescent creates award-winning mixed-use projects, country club communities, neighborhoods, apartment and condominium communities, build-to-suit corporate headquarters, regional offices, manufacturing and distribution facilities, Class A office space, business and industrial parks and shopping centers. Crescent has developed more than 15 million square feet of office and industrial space in cities such as Charlotte, N.C.; Nashville, Tenn.; Tampa, Fla.; Orlando, Fla.; Atlanta, Ga.; and the Washington, D.C. area. More information about Crescent Resources can be found at www.crescent-resources.com

Note: A digital rendering is available upon request.