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