CBL & Associates Properties Celebrates Grand Opening of Pearland Town Center in Houston (Pearland), TX

Premier Retail Destination Opens More Than 85% Leased and Committed

Last update: 10:45 a.m. EDT July 30, 2008

CHATTANOOGA, Tenn., Jul 30, 2008 (BUSINESS WIRE) -- CBL & Associates Properties, Inc. (CBL)
today kicked-off the official grand celebration for Pearland Town Center, the 1.2-million-square-foot mixed-use center in Houston (Pearland), TX. CBL executives, along with City of Pearland Mayor Tom Reid, and other key dignitaries were in attendance at the official ribbon-cutting ceremony to celebrate the opening of the area's newest and most unique shopping, dining and entertainment destination. Pearland Town Center opened more than 85% leased and committed and over 70% occupied.

Visitors can enjoy shopping or dining at the more than 60 stores and restaurants open today. The wide selection includes Macy's and Barnes & Noble as well as fashion retailers Jos. A. Banks, American Eagle Outfitters, Charlotte Russe, Vans, Hollister, Chico's, Ann Taylor LOFT, Coldwater Creek, Victoria's Secret, and Brooks Brothers Country Club as well as restaurants including Fish City Grill and B.J.'s Brewhouse.

"We are pleased to make a positive contribution to Pearland and the entire Houston market with the opening of Pearland Town Center," said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "Pearland Town Center is a destination like no other. World-class shopping, dining, residencies, and offices all located in a fresh and inviting outdoor setting creates the perfect place to shop, dine, live, work, and play." Lebovitz added, "Pearland Town Center has set a new standard in the shopping center industry with its remarkable opening at 85% leased and committed. This level of leasing speaks to the growth and vitality of the market as well as to the long-term vision for the center. This strong momentum will continue to build throughout the year with Dillard's as well as additional stores and restaurants opening in October."

City of Pearland Mayor Tom Reid commented on the grand opening, "We are excited to celebrate the much anticipated opening of Pearland Town Center. We are confident this center will become a landmark destination for the greater Houston area. CBL has done an outstanding job of delivering a first-class shopping center as well as providing attractive new living and working options for the city. Pearland Town Center is a wonderful addition to our growing city and will make a major positive contribution to the area."

About Pearland Town Center

Pearland Town Center offers premium retail, residential, office and hotel space in an open-air, pedestrian-friendly environment. The center features a 718,000-square-foot open-air lifestyle center anchored by fashion department stores Macy's and Dillard's (opening in October). Pearland Town Center also features a wide selection of retailers and restaurants including Barnes & Noble, Forever 21, New York & Co., Pac Sun, Red Robin, Mimis Cafe and more. A 110-room, four-story Courtyard by Marriott hotel is located above the center's retail shops near Macy's. In addition, Pearland Town Center offers office and multi-family residential space above the retail, a 25-acre lake, and miles of walking paths and parks, creating a truly urban experience.

About The Residences at Pearland Town Center

The Residences at Pearland Town Center will locate within the Pearland Town Center complex in two freestanding, four-story buildings with additional apartment units located above the retail shops (available now). The Residences will feature one bedroom garden apartments and two-bedroom loft units. The units will incorporate the latest in modern design elements and fixtures including granite countertops, 20-foot ceilings, stainless steel appliances, pendant lighting, in-unit washer and dryer, ceiling fans and more. Private balconies will offer views of downtown Houston and Pearland's verdant park-like setting. Residents will have convenient access to Pearland Town Center's world-class selection of retail shops and restaurants as well as the miles of beautifully landscaped walking paths and a 25-acre lake. Residents will also enjoy close proximity to the park and pavilion area of Pearland Town Center, with its interactive water feature and a regular schedule of concerts and community events. Additional amenities include dedicated parking, pool, fitness center, clubhouse and much more.

The Pearland Town Center Experience

Living and working, shopping and leisure, Pearland Town Center is a signature open-air, mixed-use destination providing a distinctly different lifestyle and shopping experience. The destination features unique design elements and architecture influenced by Pearland's heritage. Canopies, trellises, awnings and colonnades frame the facade of the storefronts. Pearland Town Center's warm and inviting pedestrian environment is highlighted by tree-lined boulevards, convenient curbside parking, beautiful landscaping, an interactive water feature, an events pavilion and walking paths creating a sense of place and a distinct area to gather.

Conveniently located at FM 518 and Highway 288, Pearland Town Center is situated on 147 acres of premium retail space within the greater Houston metropolitan corridor. The addition of residential units and office space to this mixed-use development create new living and working options for this growing city. The community will also benefit from the shopping, dining, living and entertainment destination through the creation of an estimated 1,500 jobs and approximately $250 million in sales annually. For more information on Pearland Town Center, visit: pearlandtowncenter.com.

EMJ Corporation of Chattanooga, TN is the general contractor for Pearland Town Center. Omniplan of Dallas, TX is the architect.

SOURCE: CBL & Associates Properties, Inc.
For more information contact CBL & Associates Properties, Inc. Katie Reinsmidt Director of Corporate Communications and Investor Relations 423-490-8301 katie_reinsmidt@cblproperties.com
Copyright Business Wire 2008