The project will be anchored by Ernst & Young, which hassigned a 10-year lease for 127,000 sf. The 27-story tower, to becalled Five Houston Center, will be ready for occupancy in the fall2002. The project will be situated at the corner of McKinney andLaBranch streets - on a full block Crescent recently purchased froma partnership led by PAC Trust. The new tower will be part ofCrescent's Houston Center mixed-use project, which includes 3million sf of office space, Park Shops retail center and a 400-roomFour Seasons hotel.

Houston Center's office space is 98% leased. Ernst & Youngcurrently is a major tenant in the One Houston Center building. Itwill vacate that space and move to the new tower. The new buildingwill be loaded with technology capabilities and new features, suchas two telecommunications rooms per floor, full wiring forbroadband and ready access to excess electrical power.

"Our 'Workplace of the Future' model employs a heavy investmentin technology to create a more ideal and flexible work environmentfor employees," says Carlton E. Baucum, managing partner of Ernst& Young's Houston office. Ernst & Young has beenrepresented by Trammell Crow in the leasing negotiations.