News Release

For Immediate Release:

Celebrated New York Steak House to Open at Houston Center

HOUSTON, TX, September 3, 2003 - Crescent Real Estate Equities Company (NYSE: CEI) today announced that Strip House, the widely acclaimed New York steak house, has signed a 10,000 square-foot lease in the retail component of Houston Center, a master planned 3.5 million square foot mixed-use development in downtown Houston. The signing of Strip House marks the second anchor tenant to lease space in the retail's redevelopment, which kicked off in July with the signing of City Grill restaurant. The Houston Strip House is one of three in the nation, and it is the first to open its doors in Texas.

Strip House, owned by Peter and Penny Glazier's privately held Manhattan-based Glazier Group, is scheduled to open its doors in January of 2004. One of the most noted restaurants in Manhattan, Strip House was named by Zagat's 2003 Survey of New York Restaurants as one of New York's top five steak houses, and New York Magazine proclaimed that Strip House had the "Best Steak in New York" in their annual Best of New York issue in April 2001. Time Out New York listed the restaurant as the "Best Steak in Manhattan" that same year, as well as the "Best New Steakhouse" in the magazine's Eating and Drinking Awards issue. Sweets connoisseurs will recognize Strip House's five-inch tall, 24-Carat Chocolate Cake, consisting of 24 layers of deep, moist chocolate, which is sold by Neiman Marcus and Horchow.

Strip House restaurant offers a sophisticated menu by Chef David Walzog, executive chef at three New York City steak houses: The Steakhouse at Monkey Bar, Michael Jordan's The Steak House N.Y.C., and Strip House. A three-time nominee for the James Beard/Perrier-Jouet Rising Chef Award, Walzog has taught at Macy's prestigious "De Gustibus" series and Peter Kump's Cooking School. He appears regularly on local and national television shows and has developed Michael Jordan's The Steak House N.Y.C. brand steak sauce and steak rub and a special steak sauce for Strip House. Houston Center's Strip House will feature prime dry-aged beef, New York strip, filets and Porterhouse steaks served with freshly made sauces, as well as lamb, lobster, tuna and rotisserie chicken. In addition to its award-winning chef and menu, Strip House received accolades or its interior design when it was awarded the "Best Restaurant Design" award by Interior Design magazine in 2001. Set in the midst of the striking, ruby-red design of David Rockwell, the contemporary, nontraditional eatery will feature a rich, warm, all-red interior adorned by pictures of burlesque stars and interspersed with photos from Houston's culture. The chic cocktail lounge will feature velvet-flocked wallpapered walls illuminated by crimson lighting, as well as supple banquettes, red velvet sofas and ottomans for discerning clienteles.

Glazier Group, who created the Strip House concept, is also the creator of many other popular restaurant and catering concepts, such as The Steakhouse at Monkey Bar, Michael Jordon's The Steak House N.Y.C, Bridgewaters, Twenty Four Fifth, and The Westminster Hotel in New Jersey. Bob Hustwit of Crescent and Michele Dawson of Williams Jackson Ewing represented the landlord, Crescent Real Estate Equities Limited Partnership.

ABOUT THE 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 partners, Crescent owns and manages a portfolio of 74 premier office buildings totaling nearly 29.7 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin and Denver. In addition, the company invests in world-class resorts and spas and upscale residential developments.

FOR MORE INFORMATION
Keira Moody
Vice President, Investor Relations and Corporate Communications
Crescent Real Estate Equities Company
817.321.1412

"Walzog has created a menu to suit both the steak lover and the adventurous diner. The seductive cocktail lounge boasts celebrity bartenders, comfortable couches and renowned signature cocktails."