Crescent Announces the Sale of 301 Congress Avenue 
FORT WORTH, TX (REIT Media) June 6, 2007 - Crescent Real Estate Equities Company (NYSE:CEI) today announced the sale of 301 Congress Avenue, a 418,338 square-foot Class A office property located in downtown Austin, Texas. The property was owned in a 50/50 joint venture with Aetna Life Insurance Company. Crescent's share of the net gain is approximately $35 million, which will be recorded in the second quarter.
ABOUT THE COMPANY
Crescent Real Estate Equities Company (NYSE:CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 68 premier office buildings totaling 27 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver, Miami, and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, AZ, Vail Valley, CO, and Lake Tahoe, CA; and in the wellness lifestyle leader, Canyon Ranch(R). For more information, visit Crescent's Web site at www.crescent.com.
CONTACT: Crescent Real Estate Equities Company
Jane E. Mody, 817-321-1086
Managing Director and Chief Financial Officer
or
Jeremy C. Sweek, 817-321-1464
Investor & Media Relations Senior Manager
SOURCE: Crescent Real Estate Equities Company
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Jun.06.2007. 15:26
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