Press Release: Oxford Properties Group Inc.; Crescent Real Estate Equities Company;
August 3, 2000
TORONTO -- Oxford Properties Group Inc. (TSE: OXG) and Crescent Real Estate Equities Company (NYSE:CEI) yesterday
announced that Crescent, one of the largest real estate investment trusts in the United States, plans to become
a strategic partner in EMPORI.COM. Crescent has entered into a letter of intent to acquire approximately 10% of
EMPORI.COM and become Oxford's first strategic partner in the US expansion of EMPORI.COM. Through this arrangement
it is planned that this one-of-a-kind e-tailing solution will be available before year-end in select office buildings
in Dallas and Houston, where Crescent has a dominant presence. It is also planned to have other leading US real
estate companies become EMPORI.COM partners to further enhance its US expansion. This announcement follows the
successful launch of EMPORI.COM in Canada with the opening of the flagship depot in Oxford's Royal Bank Plaza in
Toronto. Crescent's investment in EMPORI.COM and strategic relationship is subject to various conditions, including
negotiation of binding agreements.
EMPORI.COM provides online shopping service solutions by offering competitive pricing, performance and convenience.
Customers can conveniently pick up on-line purchases at EMPORI.COM retail delivery depots located in major office
buildings that are accessible before, during and after work. Through this innovative model, customers initially
will have access to over 20 leading e-tailers, which are able to offer same day or next day delivery of purchases.
In addition, through the aggregation by Oxford and Crescent of over 225,000 office building customers, EMPORI.COM
will provide small to medium size business customers with enhanced purchasing power through pre-negotiated discounts
of up to 45% from leading business suppliers.
Oxford, as founding shareholder, and Crescent, as a strategic partner, have invested in EMPORI.COM as part of an
ongoing commitment to increasing value for their office customers by providing them with a full suite of Internet
enabled technologies that simplify their business and decrease costs. It is planned that in addition to opening
depot sites in select Crescent buildings in Dallas and Houston over the next few months, additional Canadian EMPORI.COM
openings are scheduled throughout the Greater Toronto Area, Calgary and Edmonton.
"We are very excited that a leading U.S. real estate owner and manager such as Crescent plans to join us as
a strategic partner in EMPORI.COM. We look forward to launching this one-of-a-kind e-tailer in the U.S. market
as we expand the service in Oxford buildings across Canada," stated Oxford president and CEO Jon Love. "We
will continue to build on the success of EMPORI.COM by accelerating its roll out across the United States through
additional strategic relationships," he added.
"We anticipate EMPORI.COM to be a tremendous addition to our portfolio and an asset to both our shareholders
and our customers," said Denny Alberts, President and COO of Crescent. "By rolling out this highly innovative
e- tailing solution in certain of our own buildings in major U.S. markets, we are continuing to distinguish ourselves
as a leader in customer service and asset quality while expanding the dimensions of business beyond what had been
previously expected in traditional real estate environments."
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities
Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These
statements are generally characterized by terms such as "believe", "expect" and "may".
Although the companies believe that the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, the actual results could differ materially from those given in the forward-looking statements.
Given these uncertainties, readers are cautioned not to place undue reliance on such statements. The companies
are not obligated to update these forward-looking statements to reflect any future events or circumstances.
Oxford Properties Group Inc. (TSE:OXG), one of North America's largest commercial real estate firms is committed
to increasing tenant value by providing value-added services in Oxford buildings through innovative Internet- enabled
technologies. In addition to EMPORI.COM, Oxford's e-suite includes 310- MAXX , its web-enabled Internet tracking
customer response system and other value added services through its Oxford Advantage Partners program. These initiatives
are focused on building customer value. Oxford's business strategy is to hold prominent positions in core markets
through the ownership and co- ownership of prime investment real estate assets with joint venture partners. Oxford
Properties Group owns and has interests in 44 million square feet of office space and manages a total of 66 million
square feet of commercial properties. Oxford employs 1,500 people and is headquartered in Toronto. Oxford - www.oxfordproperties.com
Crescent Real Estate Equities Company (NYSE:CEI), one of the largest real estate investment trusts in the United
States, owns and manages a diversified portfolio consisting of 29 million square feet of Class A office properties,
luxury hotels and resorts, destination fitness resorts and spas, residential land developments, and temperature-controlled
logistics facilities. Crescent's mission is to maximize value to its shareholders by distinguishing itself as the
undisputed leader in each of its businesses through customer service and asset quality, and by executing a disciplined
real estate investment and operating strategy that focuses on market leadership, innovative growth opportunities,
and outstanding customer, employee and partner alliances. Crescent - www.cei-crescent.com
For further information
Oxford Properties Group, Jay Forbes, EVP and CFO, Oxford Properties Group, (416) 865-8300
Kathy Pashby, (416) 593-7555 ext.204
Crescent Real Estate Equities Company, Investors: Jerry R. Crenshaw, Senior Vice President and CFO, (817) 321-1492
Keira B. Moody, Vice President Investor Relations, (817) 321-1412, Media: Sandra Porter, Director of Public Relations,
(817) 321-1460