Thomas Properties Group, Inc. (Nasdaq:TPGI) reported today the results of operations for the quarter ended June 30, 2008.

The results of operations presented in this release include TPGI’s results of operations for the three and six months ended June 30, 2008 and 2007. The consolidated net income for the three months ended June 30, 2008 was $4,948,000 or $0.21 per share compared to consolidated net income of $650,000 or $0.03 per share for the three months ended June 30, 2007. The consolidated net income for the six months ended June 30, 2008 was $5,167,000 or $0.22 per share compared to consolidated net income of $395,000 or $0.02 per share for the six months ended June 30, 2007.

After tax cash flow (a non-GAAP financial measure) for the three months ended June 30, 2008 was $11,955,000 or $0.50 per share compared to after tax cash flow of $6,256,000 or $0.30 per share for the three months ended June 30, 2007. After tax cash flow (a non-GAAP financial measure), for the six months ended June 30, 2008 was $18,399,000 or $0.78 per share compared to after tax cash flow of $9,503,000 or $0.54 per share for the six months ended June 30, 2007. We define after tax cash flow (ATCF) as net income (loss) excluding the following items: deferred income taxes, non-cash charges for depreciation and amortization, amortization of loan costs, non-cash compensation expense, straight-line rent adjustments and fair market value rent adjustments. ATCF is further described in note (c) to the financial statements below.

“Our investment management platform continues to grow with the commitment of $250 million of equity from UBS Wealth Management – North American Property Fund Limited,” said Jim Thomas, Chairman and CEO. “This joint venture program and our High Performance Green Fund currently have buying capacity of over $1 billion, which positions us well to take advantage of future opportunities.”

Thomas added, “On the development front, we expect to complete construction of both the Murano condominiums and the first two office buildings at Four Points Centre in the third quarter. We are very pleased that the construction of both of these properties has gone better than expected.”

Financial schedules follow. Further information is available in the Supplemental Financial Information for the Second Quarter 2008, which is available in the Investor Relations section (Financial Information) on TPGI’s website.

Teleconference and Webcast

TPGI will hold a quarterly earnings conference call on Thursday, August 7, 2008 at 10:00 a.m. Pacific Time. To participate in the call, dial (800) 260-8140 and (617) 614-3672 internationally, and provide confirmation code 70404534.

A live webcast (listen only mode) of the conference call will also be available at this time. A hyperlink to the live webcast will be available from the Investor Relations section of our website at www.tpgre.com. A replay of the call will be available through August 28, 2008, by calling (888) 286-8010 and (617) 801-6888 internationally, and providing confirmation code 75921975. The replay will also be available on Thomas Properties Group, Inc.'s web site at www.tpgre.com.

The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com).

About Thomas Properties Group, Inc.

Thomas Properties Group, Inc., with headquarters 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, property development and redevelopment, and property and investment management activities. The company seeks to capitalize on opportunities for above-average risk-adjusted investment returns from real estate, while managing the volatility associated with the real estate industry, through joint-venture ownership structures. For more information on Thomas Properties Group, Inc., visit www.tpgre.com.

Forward Looking Statements

Statements made in this press release or during the quarterly earnings conference call 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 and equity investors 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, 2007, which has 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.