Thomas Properties Group Announces Closing of Land Sale

  Thomas Properties Group Announces Closing of Land Sale

Business Wire

LOS ANGELES -- November 27, 2012

Thomas Properties Group, Inc. (NASDAQ: TPGI) today announced that it has
closed on the sale of a 14-acre parcel of land located adjacent to
CityWestPlace in Houston, Texas. The site is the planned future location of
the global headquarters of Phillips 66 (NYSE:PSX). The property was owned by
TPG/CalSTRS, LLC, a joint venture between Thomas Properties Group and The
California State Teachers' Retirement System, which also owns CityWestPlace.

"The sale of this site is another major step in executing our strategy which
includes selling non-core properties and land that we do not intend to develop
in the near term,” said Jim Thomas, Chairman and CEO. “It sets the stage for
the value-enhancing development of a headquarters building that will be a
welcome addition to the vibrant business environment of CityWestPlace."

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 and
leasing activities. For more information about Thomas Properties Group, Inc.,
please visit www.tpgre.com.

About The California State Teachers’ Retirement System

The California State Teachers’ Retirement System, with a portfolio valued at
$155 billion as of October 31, 2012, is the largest teacher pension fund and
second largest public pension fund in the United States. CalSTRS administers a
hybrid retirement system, consisting of traditional defined benefit, cash
balance and voluntary defined contribution plans, as well as disability and
survivor benefits. CalSTRS serves California's 856,000 public school educators
and their families from the state’s 1,600 school districts, county offices of
education and community college districts.

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 and equity investors to
finance commercial real estate transactions, our ability to enter into or
renew leases at favorable rates, which can be impacted by the financial
condition of our tenants, risks associated with the success of our development
and property redevelopment projects, general volatility in the securities and
credit markets, 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” in our Form 10-K for the year ended December 31, 2011
and our subsequent Form 10-Q quarterly reports, each of which is filed with
the Securities and Exchange Commission. 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
Diana Laing, Chief Financial Officer
213.613.1900
 
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