Thomas Properties Group to Manage Building, Leasing for Austin Centre

AUSTIN, Texas — June 1, 2011 — Thomas Properties Group (Nasdaq: TPGI) has been selected to manage and lease Austin Centre, a 16-story, class-A office building at 701 Brazos St. in downtown Austin. This selection follows a similar arrangement Thomas Properties Group has to manage and lease the 20-story, class-A 816 Congress building also in downtown Austin. Both properties are now wholly owned by an affiliate of New York-based Lehman Brothers Holdings Inc. (LBHI).

“TPG is an experienced and trusted team that knows the downtown Austin commercial market, and knows how to work with potential tenants to provide them with exceptional customer service,” said Jeff Fitts, head of LBHI’s real estate group.

Austin Centre was completed in 1986 with a total of just over 360,000 square feet, and is located at the northeast corner of 7th and Brazos streets in the heart of Austin’s bustling central business district. The building is located one block north of Austin’s famous 6th Street, one block east of Congress Avenue and just a few blocks away from the Texas State Capitol.

The building shares a 200-foot glass atrium with the Omni Austin Hotel and features 24-hour security, a four-story parking structure, a 24-hour health facility, a building conference room, room service, wireless Internet, high-speed elevators and a fully furnished and wired executive suite that provides flexible rental terms ranging from yearly to hourly.

Lead tenants at Austin Centre include NetSpend, Smiley Media and the law firm of Thompson, Coe, Cousins and Irons.
LBHI, which through an affiliate recently took over the ownership of Austin Centre, is deeply committed to the Austin market as indicated by its recent consolidation of ownership interests at 816 Congress and its continued partnership with TPG on five other Austin CBD Class-A assets and nearly one million square feet of office space in the Northwest suburbs.

“Austin is one of our core markets and is a city that we believe has all the essential elements for continued economic growth,” added Fitts. “We are big fans of the city’s culture, economy and future as is evident by our commitment to this market.”

Thomas Properties Group’s Andrew Smith and Mark Miller will represent Austin Centre, adding to their firm’s portfolio of downtown Austin class-A properties, which include the Frost Bank Tower, One America Center, One Congress Plaza, 300 West 6th Street, San Jacinto Center and 816 Congress.

About Thomas Properties Group, Inc.
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit www.tpgre.com.

Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although Thomas Properties Group 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 Thomas Properties Group'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, 2010, and contained in our reports on Form 10-Q for fiscal quarters during 2011, which have been filed with the SEC. Thomas Properties Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact:
Brian Dolezal
Hahn, Texas for Thomas Properties Group
(512) 344-2035 or 619-6742
bdolezal@hahntexas.com

Investor Relations:
Diana Laing, CFO
(213) 613-1900