Posted February 2007

CBL Center II to Create 100 New Jobs

CHATTANOOGA, Tenn.  -- CBL and Associates, Inc. (NYSE: CBL), one of the largest and most experienced owner and manager of malls and shopping centers in the country, today announced a $17 million expansion to its corporate headquarters in Chattanooga, TN. CBL Center II will be located on Hamilton Place Boulevard next to the company’s current building, CBL Center. The new building will include the corporate headquarters of EMJ Corporation as well as additional office space. CBL’s headquarters will remain in CBL Center. The new building is expected to result in the creation of more than 100 new jobs.

Commenting on the expansion, CBL & Associates Properties, Inc. Chief Development Officer, Michael Lebovitz, said, "CBL Center II will be a four-story, 76,000 square-foot (total building area), Class A office building. Occupants of the new building will include the corporate headquarters of one of the nation’s largest retail developers, EMJ Corporation."

Lebovitz added, "CBL has experienced strong growth both internally and externally and our company will continue to grow through a multi-pronged strategy of developments, partnerships and acquisitions. This project allows us enough room in CBL Center to facilitate the current and future demands of our ever expanding portfolio of properties."

According to Hamilton County Mayor Claude Ramsey, CBL has long been a cornerstone for economic growth in the area. "In addition to providing hundreds of family-wage jobs to area residents, CBL created one of our most vibrant commercial districts through the development of Hamilton Place Mall and the surrounding shopping complex," said Mayor Ramsey.

"CBL is a national company that continues to make strong investments in its home city," said Chattanooga Mayor Ron Littlefield. "They are not only an extremely successful company, they are an excellent corporate citizen."

"The CBL Center II project is another example of how our region’s existing companies are the most powerful engine for job creation," said Trevor Hamilton, chief economic development officer for the Chattanooga Area Chamber of Commerce. "CBL’s announcement is an example of how our regional growth depends on the creation of professional office jobs as well as manufacturing."

About the Hamilton Place Shopping Complex

P.F. Chang’s and Big River Grill are the most recent additions to the Hamilton Place shopping complex that features the prominent regional mall, several power centers, community centers and an abundance of restaurants. Hamilton Place mall features two Belk department stores, Dillard’s (currently undergoing an 92,500 square foot expansion into a second building), JCPenney and Sears as well as more than 200 specialty retailers and restaurants. The 202-acre site attracts approximately 22 million people per year and produces more than $300 million annually in retail sales. Additional mall information can be found at hamiltonplace.com.

About CBL & Associates Properties, Inc.

CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 130 properties, including 79 regional malls/open-air centers. The properties are located in 27 states and total 74.0 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. Including Alamance Crossing, CBL currently has fourteen projects under construction totaling 3.0 million square feet. Other projects include Pearland Town Center in Houston (Pearland), TX; Phase II of Gulf Coast Town Center in Ft. Myers, FL; three lifestyle/associated centers, seven mall expansions/redevelopments and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, and Dallas, TX. Additional information can be found at www.cblproperties.com.