4 WATERWAY SQUARE OFFICE BUILDING NOW IN DEVELOPMENT

By The Woodlands Development Company THE WOODLANDS, TX – (April 22, 2008) -- The Woodlands Development Company (TWDC) has announced that construction will soon begin for 4 Waterway Square, a new nine-story, 216,000-square-foot Class-A multi-tenant office building in The Waterway Square District of The Woodlands Town Center, according to Dan Leverett, vice president of commercial for TWDC.

The building will be located on The Woodlands Waterway®, at the intersection of Waterway Square Place and Woodloch Forest Drive . The building was designed by Elkus-Manfredi of Boston , MA and will be constructed by Harvey Builders of Houston. Gensler Houston is the architect of record.

The building will include a covered walkway to the new 1,900-space Waterway Square garage, located adjacent to the building. Both the new building and the garage are expected to be completed in the summer of 2009.

“With the opening of Waterway Square and completion of 24 Waterway Avenue, office space in the heart of The Woodlands Town Center is in great demand,” Leverett said. “The scenic Waterway orientation of this entire business district, planned to provide views of the fountains at Waterway Square from many different vantage points, makes this location highly desirable.”

24 Waterway Avenue , a 308,000-square-foot mixed use building with retail and restaurant space on the ground floor, is now 100% committed. Major signed tenants include Common Resources, American Financial & Automotive Services, HMT, Winstead and Hubbell & Hudson.

The lobby of 4 Waterway Square will feature a multi-level design that steps down as it reaches The Waterway, providing a panoramic view. High quality materials, finishes and landscaping will enhance the architectural design of the building. Tenants of the building will be situated within a short walk to Waterway Square , a European-style plaza with multiple water features; shopping at The Woodlands Mall and Market Street ; and over 40 restaurants. A boutique hotel and condo tower are also planned for The Waterway Square District, along with additional office buildings.

“A business location in The Woodlands provides an enhanced quality of life for employers and their employees, a benefit that makes it easier to recruit and retain the most talented employees,” Leverett said.

The Woodlands is a 28,000-acre master-planned community located 27 miles north of downtown Houston . It is a project of The Woodlands Development Company, a limited partnership of Morgan Stanley and General Growth Properties, Inc.