Crescent Resources Names President for Commercial Division

Charlotte, N.C., June 17, 2008 … Patrick (Pat) Henry has been named president of the commercial division of Crescent Resources, LLC. He succeeds Dan Kohlhepp, who announced his retirement from the company effective July 1.

“Dan has done an excellent job leading our commercial team,” said Art Fields, president of Crescent Resources. “He leaves his signature on a number of significant developments, most notably Potomac Yard in northern Virginia. We have been privileged to have his wisdom, vision and leadership for eight years.

“Pat has brought great energy and insight to our company in his previous role, and is ready to assume these additional responsibilities,” added Fields. “Our commercial division has consistently contributed to our company’s success and we continue to have high expectations of it today.”

Henry joined Crescent in 2007 as senior vice president of the Mid-South and Carolinas region and chief development officer. Since he joined the company, Crescent has started construction of Phipps Tower, a $175 million LEED-designed office building in Atlanta’s Buckhead neighborhood that will rise 20 stories and include approximately 500,000 square feet of office space.

Henry joined Crescent following a 21-year career at Trammell Crow Company. There he served as a senior managing director and president of its Mid-South development operations. In this capacity, Henry guided the firm through more than $1 billion in project development work throughout the Southeast including such projects as the Proscenium office tower in Midtown Atlanta; Summit Distribution Center in Memphis; Historic Westside Village, a mixed-use, residential community in downtown Atlanta; West Oak Center in Marietta; and, Duke Medicine Plaza in Raleigh. Henry is a graduate of Auburn University and Emory University’s Goizuetta Business School.

Crescent Resources’ commercial division develops mixed-use developments, office and industrial parks and neighborhood retail centers. It has developed build-to-suit developments and corporate headquarters for entities such as Piedmont Natural Gas, Nissan Motor Company North America and the Environmental Protection Agency. Two of its best-known urban, mixed-use developments are Potomac Yard in northern Virginia and Piedmont Town Center in Charlotte. In addition, the commercial division has developed numerous neighborhood shopping centers throughout the Carolinas and Florida and more than 15 million square feet of office and industrial space in cities such as Charlotte; Nashville, Tenn.; Tampa, Fla.; Orlando, Fla.; Atlanta; and the Washington, D.C. area.

Crescent Resources, LLC is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, N.C., Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. More information is available at www.crescent-resources.com.

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