Thomas Properties Group, Inc. (Nasdaq: TPGI) has announced a major lease
transaction with the Austin office of DLA Piper, which will move into
37,315 square feet at Frost Bank Tower by April 2009.
“We’re attracted to
the vibrancy of downtown Austin, with its growing number of great
restaurants and retail outlets, and its access to Lady Bird Lake and
residential properties,” said Jim Montgomery,
Austin managing partner at DLA Piper. “Our
firm is looking forward to being in one of Austin’s
premier downtown addresses.”
The international law firm will move approximately 60 partners,
associates and staff members into the building next year from its
current offices on South Mopac. Britt Reed and Ty Puckett of
Transwestern represented the tenant in a 12-year deal.
“DLA Piper is a world class firm and we are
very pleased with its selection of Frost Bank Tower as its new home in
Austin,” commented Jim Thomas, Chairman and
CEO, Thomas Properties Group. “We are very
proud of the performance of our portfolio in Austin and we continue to
be committed to this market.”
Thomas Properties Group owns interests in and manages approximately 2.5
million square feet of office space in the Austin Central Business
District, including the two most recently constructed downtown office
towers, Frost Bank Tower and 300 West 6th
Street. The company also owns interests in and manages approximately one
million square feet in the growing Northwest submarket.
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 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 activities. The
company seeks to capitalize on opportunities for above-average
risk-adjusted investment returns from real estate ownership, 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 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, 2007,
and contained in our reports on Form 10-Q for fiscal quarters during
2008, 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.
For Thomas Properties Group
Media contact:
Karen Diehl,
310-396-2400
or
Investor Relations contact:
Diana Laing,
Chief Financial Officer, 213-613-1900
