News Release

For Immediate Release:

Larry North Fitness to Open First Houston Facility at Downtown's Houston Center

HOUSTON, TEXAS, November 13, 2003 - Crescent Real Estate Equities Company (NYSE: CEI) today announced that Larry North Fitness will open its first Houston facility at Houston Center, Crescent's premier mixed-use office development on the east side of downtown Houston. The Larry North Fitness health club will occupy approximately 12,000 square feet on the fourth level of The Shops at Houston Center.

Larry North, the owner commented, "The club will not only be convenient to the people in and around downtown, but it will be cool, hip, with a great vibeÑNew York City meets Miami chic. We chose downtown Houston because we have a great relationship with Crescent Real Estate Equities. We believe that Houston Center is the hub of downtown." The Houston Center location is Larry North's second club in a Crescent property, the first located at Carter Burgess Plaza in downtown Fort Worth, Texas.

"Larry North is nationally known for his expertise in the fitness industry," said Jane Page, senior vice president, asset management & leasing for Crescent. "We are honored that Houston Center will be home to his newest health club; it will be a great amenity for our Houston Center customers as well as for residents and patrons of downtown Houston."

The Larry North name is synonymous with weightloss, not just in his home town of Dallas, Texas, but in countries around the world. The Great North American Weightloss show was the number one weightloss infomercial, boasting $150 million in sales. For over a decade, Larry has been spreading his "eat to lose" message through his weekly radio shows, television appearances, seminars and his three books: Get Fit, Living Lean and Slimdown for Life. He opened his first upscale health club in the prestigious Highland Park Village in 1989. Larry North Fitness clubs are found in downtown Fort Worth, Southlake Town Square, Highland Park Village in Dallas, and on Lake Ray Hubbard in RockwallÑall in TexasÑas well as on South Beach in Miami, Florida.

Bob Hustwit of Crescent Real Estate Equities and Michele Dawson of Williams Jackson Ewing represented the landlord, Crescent Real Estate Equities Limited Partnership. Nick Hernandez of Boyd Page Commercial Real Estate Services represented Larry North Fitness in the transaction.

Houston Center is a 3.3 million square foot mixed-use, master-planned development in the heart of Houston's dynamic Central Business District. The 23-acre development features four towers of Class A office space, downtown Houston's only shopping mall, the Four Seasons Hotel, Four Seasons Place Apartments and the Downtown Club -- and it's a short walk from an abundance of entertainment venues, including the George R. Brown Convention Center, Minute Maid Park, and the Toyota Center. Developed according to classic design principles as a destination for work and leisure, Houston Center is a "city within a city" and includes nearly seven acres of landscaped gardens.

ABOUT THE COMPANIES:
Crescent Real Estate Equities Company 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 75 premier office properties totaling over 30 million square feet located primarily in the Southwestern United States, with major concentrations in Dallas, Houston, Austin and Denver. In addition, the Company has investments 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