Phillips 66 Chooses Site of New Global Headquarters

Phillips 66 (NYSE: PSX) will build its new global headquarters at a 14-acre site in the Westchase District of Houston. The property, which will be acquired from an affiliate of Thomas Properties Group, Inc. (NASDAQ: TPGI), is located off Beltway 8 West, between Westheimer Road and Briar Forest Drive.

This aerial view depicts the 14-acre tract of land off Beltway 8 West between Westheimer Road and Briar Forest Drive that will be the location of the future Phillips 66 headquarters. (Photo: Business Wire)

“We searched for several months for the right site to build a headquarters campus where our employees and future employees can come together to work, and develop their skills and talents,” said Greg C. Garland, chairman and chief executive officer of Phillips 66. “This property is conveniently located in the Westchase District and a location that aligns with our commitment to making our company a great place to work.”

The company is currently working on a design for the headquarters and intends to begin construction when plans are finalized and permitting is in place. The campus will include office space, conference and training facilities, along with wellness and dining options. Once ground is broken at the new site, construction is expected to take between 24-36 months.

“Phillips 66 has chosen an excellent property, in the heart of one of the most desirable business sections in the city,” said Jim Thomas, chairman and chief executive officer of Thomas Properties Group. “Its neighbors will include many of Houston’s top companies, and the site’s proximity to major roadways makes it a prime place to do business.”

After emerging as an independent downstream company in May, Phillips 66 relocated its corporate offices from the ConocoPhillips campus in the Energy Corridor to temporary headquarters at the Pinnacle Westchase building.

About Phillips 66

Headquartered in Houston, Phillips 66 is an advantaged downstream energy company with segment-leading Refining and Marketing (R&M), Midstream and Chemicals businesses. The company has approximately 14,000 employees worldwide. The company’s R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets, and 15,000 miles of pipeline systems. In Midstream, the company primarily conducts operations through its 50 percent interest in DCP Midstream, LLC, one of the largest natural gas gatherers and processors in the United States, with 7.2 billion cubic feet per day of gross natural gas processing capacity. Phillips 66’s Chemicals business is conducted through its 50 percent interest in Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefins with more than 30 billion pounds of net annual chemicals processing capacity across its product lines. For more information, visit www.phillips66.com.

About Thomas Properties Group, Inc.

Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit www.tpgre.com.

Forward Looking Statements

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI’s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services (including interest rates), the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management’s expectations, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2011 and our subsequent Form 10-Q quarterly reports, each of which is filed with the Securities and Exchange Commission. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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