Thomas Properties Group Joint Venture Prepares to ``Go Vertical'' on The Murano -- Luxury High Rise Condominiums in Philadelphia

PHILADELPHIA--(BUSINESS WIRE)--Aug. 8, 2006--Foundation work is almost complete on The Murano, a 43-story, 302-unit luxury condominium high rise being developed by Thomas Properties Group (Nasdaq: TPGI) in joint venture with P&A Associates, setting the stage for the building's very visible rise over the bustling west Market Street area of Center City Philadelphia. Reminiscent of the hand-crafted Venetian glass from which it drew its name, the tower will be almost entirely clad in a blue-gray tinted glass.

"The Murano will be one of the most distinctive buildings in Philadelphia. With a sleek, modernist design by Chicago architects Solomon Cordwell Buenz, this curved glass tower will be a beautiful new landmark in the heart of the city," said Randall Scott, Thomas Properties Group.

Located at the northwest corner of 21st and Market Streets, The Murano is adjacent to Thomas Properties' two-million-square-foot Commerce Square office complex. With its twin 41-story towers, One and Two Commerce Square occupy a full block on Market Street between 20th and 21st Streets and feature an award-winning Fountain Court circled by restaurants and retail stores.

"We have a rare opportunity to bring elegant and sophisticated residences to a busy urban district," noted Peter Shaw, partner, P&A Associates. "In addition to being a short walk from Amtrak's 30th Street Station and immediately adjacent to the west Market Street business center, The Murano offers sweeping views. Philadelphia's grand buildings, beautiful parks and public spaces are showcased from the building's nine-foot floor-to-ceiling windows."

Designed by Philadelphia architects Daroff Design, Inc., The Murano's interiors reflect the high design and architectural detail of the tower's exterior. The one, two and three bedroom plans will feature rich materials and finishes, open, well-appointed kitchens and modern baths. Residents will enjoy the services of a 24-hour concierge and doorman, indoor heated pool, fitness center, sundeck, hospitality suite and private parking structure along with the convenience of 7,800 square feet of ground floor retail space.

"Interest in the project is clearly evident by its reception in the market," added Shaw. "Despite talk of a slow-down in residential activity, unit sales in The Murano have been strong and consistent from the initial marketing release."

Construction of the project is financed in part with a $142.5 million construction loan from Corus Bank. The Murano is scheduled to be complete in summer 2008. Additional information is available at www.themuranocondominium.com.

Thomas Properties Group has a long history and commitment to the Philadelphia area. The company currently owns or manages 2.6 million square feet of commercial properties in Center City Philadelphia and another one-half million square feet of commercial properties in nearby suburban areas. Philadelphia-based P&A Associates is well-known for its local development activity, including The St. James, a high rise apartment building on Washington Square completed in 2004 and Philadelphia's first new residential tower in almost 20 years.

About Thomas Properties Group

Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages office, retail and multi-family properties throughout the United States. The company has four primary areas of focus: property operations, property acquisitions, property development and redevelopment, and investment management. For more information on Thomas Properties Group, Inc., visit www.tpgre.com.

Forward-Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit to finance commercial real estate transactions, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10- K for the year ended December 31, 2005, and contained in our reports on Form 10- Q for fiscal quarters during 2006, which have been filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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CONTACT: Investor Relations contact:
Thomas Properties Group, Inc.
Diana Laing, 213-613-1900
or
Media contact:
Casey Sayre & Williams, Inc.
Karen Diehl, 310-396-2400

SOURCE: Thomas Properties Group, Inc.