Tuesday June 1, 6:00 am Eastern Time
Company Press Release
WinStar to Provide Crescent REIT Properties With Advanced Broadband Telecommunications Services
Services Offered in 22 New Crescent REIT Properties, With Five Designated as HUB Sites
NEW YORK--(BUSINESS WIRE)--June 1, 1999-- Agreement Extends Existing Relationship, Bringing Total to More
than 70 Buildings
WINSTAR COMMUNICATIONS, INC. (NASDAQ: WCII - news) and CRESCENT REAL ESTATE EQUITIES COMPANY (NYSE: CEI - news) announced today an agreement under which WinStar will provide advanced high-speed communications capabilities to 22 Crescent properties, which total more than 24 million square feet in Dallas, Houston, New Orleans, Denver, San Francisco and Miami.
The agreement extends an existing relationship between Crescent, one of the nation's largest commercial real estate investment trusts, and WinStar, bringing the total number of properties serviced to more than 70, and the total number of HUB sites to seven. Five of the 22 new properties have been designated as WinStar HUB sites, providing state-of-the-art broadband services to both Crescent properties and other major office facilities located in the vicinity of the five HUB buildings. Under the existing agreements, WinStar will offer its broadband voice, data and Internet services to Crescent REIT customers.
''We are constantly seeking ways to provide our clients with the business tools necessary for their success,'' said Gerald W. Haddock, President and Chief Executive Officer of Crescent. ''Advanced telecommunications technology in commercial properties is one of those necessary tools. Crescent is very excited to be working with WinStar to provide our tenants with the broadband technology they require. WinStar will afford Crescent REIT's tenants an opportunity to competitively purchase local phone, long distance, high-speed data and Internet services, which will differentiate our properties from the competition.''
WinStar works with commercial building owners and managers to provide tenants with a range of state-of-the-art telecommunications services through its national broadband network. Buildings can be quickly connected to WinStar's fixed wireless network, giving tenants swift access to a wider choice of providers for local and long distance phone service, Internet, video conferencing, data applications and other advanced telecommunications and data services.
''WinStar's Wireless Fiber(SM) system adds substantial value to a building,'' said Richard Uhl, president of WinStar for Buildings. ''Crescent REIT is offering its current and future tenants a highly attractive and desirable amenity: advanced telecommunications capabilities. Through this agreement, WinStar and Crescent will work together to help define the global information network for the coming millennium.''
Crescent is a fully-integrated real estate company which owns, through it subsidiaries, a portfolio of real estate assets, consisting of 89 office properties and seven retail properties totaling 32.6 million square feet, a 39.6% interest in 19 refrigerated warehouse facilities, 88 behavioral healthcare facilities, seven full-service hotels totaling 2,257 rooms, two destination health and fitness resorts and economic interests in five residential development corporations. The office and retail properties are located in primarily 17 metropolitan submarkets in Texas.
WinStar Communications, Inc. is a pioneer in providing business customers with broadband communications services, including local and long distance phone service, as well as high-speed data, Internet access and information services. WinStar provides these Wireless Fiber(SM) services over its own end-to-end broadband networks in more than 30 U.S. markets, using its licenses in the 28 and 38 GHz spectrum, which are connected to the company's nationwide fiber-optic network. In addition, the company offers Wireless Fiber services in one market outside of the U.S. In the past year, WinStar has become one of the largest Internet companies in the U.S. Recently, the company announced a destination Web site for businesses, Office.com(SM), a service from WinStar.
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