Crescent Finalizes Land Sale to the City of Houston; Crescent Continues Its Strategy of Selling Non-Core Assets

FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 20, 2004--Crescent Real Estate Equities Company (NYSE: CEI) today announced it has finalized the sale of 5.3 acres of non-income producing land to the City of Houston, which was previously disclosed as being under contract on October 19, 2004. The land is adjacent to the 5.5 acres located in front of downtown's George R. Brown Convention Center that Crescent sold to the City at the end of 2002. This transaction allows the City to consolidate its land in order to develop an urban park of more than 13 acres. The sale generated proceeds, net of selling costs, of approximately $23 million, or $100 per square foot, and were used to pay down the Company's revolving credit facility.

ABOUT THE COMPANY

Celebrating its tenth year, 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 joint ventures, Crescent owns and manages a portfolio of more than 70 premier office buildings totaling more than 29 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the Company's website at http://www.crescent.com.