Crescent Resources to Start Construction of 300 Rental Apartments at Crosstown Center in Brandon

Other Projects in the Park to Commence Construction in 2008

TAMPA, FL--- Crescent Resources LLC, which ranks as one of the largest and most active commercial property developers in the southeast, will start construction of 300 rental apartments this summer at Crosstown Center, (aerial photo top right) the 260-acre mixed-use development Crescent Resources is developing east of the Tampa city limits on the Lee Roy Selmon Expressway, U.S. 301 and Falkenburg Rd. in Brandon.

Richard A. Buck, regional vice president for Crescent Resources Multi-family, said one, two and three-bedroom rental apartments will range in size from 782 square feet of living space to 1,563 square feet. Monthly rents will range from $905, and the first apartment units will open in January.

Lud Hodges, vice president of commercial development at Crescent Resources in Tampa said Crosstown Center is slated for other construction this year in addition to the apartment community.

Candlewood Hotels previously acquired a 2.5-acre hotel site at Crosstown Center and has construction plans in process to commence construction of a 100-room hotel before the end of the year. Lifelink will commence construction on a 60,000 square foot facility during 2008 in the Park as well.

Hodges also said Crescent Resources is currently pre-leasing 90,000 square feet of space in Crosstown Center One, a three story, LEED certified Class-A office building that will serve as Crescent’s first Class A office facility at Crosstown Center. Plans for the project are currently being reviewed for construction permits.

About

Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund. Crescent’s formation in 1969 to its position today as a real estate force in the Southeast and Southwest remains a dominant development and land management company comprised of dedicated people with uncompromising integrity. More information aboutCrescent Resources is available on the Internet at www.crescent-resources.com

For more information, contact:

Richard A. Buck, Regional Vice President Multi-family Crescent Resources LLC 772-220-4552 rabuck@crescent-resources.com;

G.L. “Lud” Hodges, Vice President Commercial Development, Crescent Resources LLC 813-639-0060 glhodges@crescent-resources.com;

Whit Duncan, Crescent Resources, LLC, Senior Vice President, Florida 407-804-1200, rwduncan@crescent-resources.com;

Larry Vershel, Larry Vershel Communications Inc 407-644-4142