News Release

1301 McKinney Now Named Fulbright Tower

Houston, Texas, March 29, 2005 Ñ Crescent Real Estate Equities Company (NYSE: CEI) announced today that its major tenant Fulbright & Jaworski L.L.P. has exercised its option for the naming rights at 1301 McKinney, formerly known as Chevron Tower. The building will now be officially named Fulbright Tower. Constructed in 1982, Fulbright Tower is a 51-story, 1.2 million square-foot Class A office property located within the Houston Center complex in downtown Houston.

The international law firm of Fulbright & Jaworski occupies over 350,000 square feet in Fulbright Tower and has officed in this location since 1985. In 2003, Fulbright renegotiated and extended its lease and received the naming rights option.

Jane Page, Managing Director, Asset Management and Leasing at Crescent, commented, "We are pleased that Fulbright & Jaworski has exercised its right to name the building. Fulbright & Jaworski's prominence as a leading international law firm enhances the prestige and desirability of Crescent's newest Houston asset and the overall Houston Center development."

Frank G. Jones, co-partner-in-charge of Fulbright's Houston office, said, "We welcome this opportunity to recognize the name Fulbright by which our firm has become known. R.C. Fulbright founded the firm with John Crooker, Sr. in 1919. As part of the office space remodeling which is taking place with the building name change, we are designating our conference space on our top floor as the Leon Jaworski Conference Center. We are pleased to be able to recognize the legacies of the men for whom our firm is named."

FULBRIGHT & JAWORSKI L.L.P.
Fulbright & Jaworski, a full-service international law firm, serves the needs of businesses, governments, non-profit organizations and individual clients around the world. Fulbright & Jaworski is one of the largest law firms in the United States with more than 900 attorneys and more than 50 integrated practice areas. There are eleven Fulbright & Jaworski offices worldwide, with international offices in London, Munich and Hong Kong. For more information, please see www.fulbright.com.

CRESCENT REAL ESTATE EQUITIES COMPANY
Crescent Real Estate Equities Company (NYSE: CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 75 premier office buildings totaling more than 30 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the company's website at www.cresecent.com.

FOR MORE INFORMATION
Jane E. Mody, Managing Director, Capital Markets - Crescent Real Estate Equities Company, (817) 321-1086
Keira B. Moody, Vice President, Investor Relations and Corporate Communications - Crescent Real Estate Equities Company, (817) 321-1412
Jack M. Vaughan, Administrative Partner - Fulbright & Jaworski, (713) 651-5491
Leigh Ann Nicas, Public Relations Manager - Fulbright & Jaworski, (713) 651-5582