Exhibit 99.2

THOMAS PROPERTIES GROUP, INC. ANNOUNCES

FOURTH QUARTER 2007 RESULTS

Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results of operations for the quarter and year ended December 31, 2007.

The results of operations presented in this release include TPGI’s results of operations for the three months and twelve months ended December 31, 2007 and 2006. The consolidated net loss for the three months ended December 31, 2007 was $1,569,000 or $0.07 per share compared to consolidated net loss of $1,567,000 or $0.11 per share for the three months ended December 31, 2006. The consolidated net loss for the year ended December 31, 2007 was $903,000 or $0.04 per share compared to consolidated net loss of $2,049,000 or $0.14 per share for the year ended December 31, 2006.

TPGI’s share of after tax cash flow (a non-GAAP financial measure), for the three months ended December 31, 2007 was $4,028,000 or $0.17 per share compared to after tax cash flow of $3,755,000 or $0.26 per share for the three months ended December 31, 2006. TPGI’s share of after tax cash flow for the year ended December 31, 2007 was $21,626,000 or $1.04 per share compared to after tax cash flow of $14,860,000 or $1.04 per share for the year ended December 31, 2006. We define after tax cash flow (ATCF) as net income (loss) excluding the following items: deferred income taxes, minority interest, non- cash charges for depreciation and amortization, amortization of loan costs, non-cash compensation expense, straight-line rent adjustments and fair market value rent adjustments. ATCF is further described in note (c) to the financial statements below.

“In the fourth quarter, we made progress stabilizing our joint venture properties; occupancy continues to increase in this value-add portfolio,” said James A. Thomas, President and CEO. “We are continuing to execute on our development program, a key driver in our growth strategy. Our balance sheet is stable, and we have a strong cash position which should allow us to take advantage of opportunities to enhance the value of our company.”

Financial schedules follow. Further information is available in the Supplemental Financial Information for the Fourth Quarter 2007, which is available in the Investor Relations section (Financial Information) on TPGI’s website.

Teleconference and Webcast

TPGI will hold a quarterly earnings conference call on Thursday, February 28, 2008, at 11:30 a.m. Pacific Time. To participate in the call, dial (800) 299-9086 and (617) 786-2903 internationally, and provide confirmation code 42927203.

A live webcast (listen only mode) of the conference call will also be available at this time. A hyperlink to the live webcast will be available from the Investor Relations section of our website at www.tpgre.com. A replay of the call will be available through March 20, 2008 by calling (888) 286-8010 and (617) 801-6888 internationally, and providing confirmation code 58415103. A webcast replay of the call will also be available from the Investor Relations section of our website at www.tpgre.com.

The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com).

About Thomas Properties Group, Inc.

Thomas Properties Group, Inc., with headquarters 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, property development and redevelopment, and property and investment management activities. The company seeks to capitalize on opportunities for above-average risk-adjusted investment returns from real estate, while managing the volatility associated with the real estate industry, through joint-venture ownership structures. For more information on Thomas Properties Group, Inc., visit www.tpgre.com.

Forward Looking Statements

Statements made in this press release or during the quarterly earnings conference call 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, and the impact of tax laws affecting real estate.

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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—Factors That May Influence Future Results of Operations” in our 10-K for the year ended December 31, 2006, as amended on Form 10-K/A and our quarterly reports on Form 10-Q for 2007, which have been filed with the SEC. 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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THOMAS PROPERTIES GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

	Three months ended December 31,						Twelve months ended December 31,
	2007			2006			2007			2006
	(unaudited)						(unaudited)			(audited)
Revenues:
Rental	$	8,072		$	8,190		$	32,646		$	33,076
Tenant reimbursements		4,914			5,080			20,287			19,399
Parking and other		1,106			886			4,051			3,945
Investment advisory, management, leasing, and development services		1,892			2,017			13,535			7,913
Investment advisory, management, leasing, and development services unconsolidated real estate entities		5,884			4,596			21,013			14,241
Total revenues		21,868			20,769			91,532			78,574
Expenses:
Rental property operating and maintenance		4,332			3,326			16,740			15,115
Real estate taxes		1,509			1,473			6,087			5,904
Investment advisory, management, leasing, and development services		4,727			2,865			15,359			9,759
Rent—unconsolidated real estate entities		60			57			241			227
Interest		5,316			4,692			17,721			20,570
Depreciation and amortization		2,828			3,144			11,604			12,661
General and administrative		4,334			5,447			18,937			17,202
Total expenses		23,106			21,004			86,689			81,438
Gain on sale of real estate		1,151			1,041			4,441			10,640
Loss from early extinguishment of debt		—			—			—			(360	)
Interest income		1,568			1,107			6,014			2,974
Equity in net loss of unconsolidated real estate entities		(5,487	)		(3,409	)		(14,853	)		(12,909	)
Minority interests—unitholders in the Operating Partnership		1,471			849			(249	)		1,577
Minority interests in consolidated real estate entities		35			18			122			(472	)
(Loss)/income before (provision) benefit for income taxes		(2,500	)		(629	)		318			(1,414	)
Benefit (provision) for income taxes		931			(938	)		(1,221	)		(635	)
Net loss	$	(1,569	)	$	(1,567	)	$	(903	)	$	(2,049	)
Loss per share-basic	$	(0.07	)	$	(0.11	)	$	(0.04	)	$	(0.14	)
Loss per share-diluted	$	(0.07	)	$	(0.11	)	$	(0.04	)	$	(0.14	)
Weighted average common shares—basic		23,643,502			14,354,703			20,739,371			14,339,032
Weighted average common shares—diluted		23,643,502			14,354,703			20,739,371			14,339,032
Reconciliation of net loss to EBDT (a):
Net loss	$	(1,569	)	$	(1,567	)	$	(903	)	$	(2,049	)
Adjustments:
Deferred income tax expense (benefit)		(931	)		938			1,221			635
Minority interests		(1,506	)		(867	)		127			(1,105	)
Depreciation and amortization		2,828			3,144			11,604			12,661
Amortization of loan costs		82			129			327			487
Unconsolidated real estate entities:
Depreciation and amortization		6,285			3,585			19,712			14,610
Depreciation and amortization from discontinued operations		—			43			12			156
Amortization of loan costs		437			521			1,681			1,407
Amortization from discontinued operations		—			34			—			173
EBDT	$	5,626		$	5,960		$	33,781		$	26,975
TPGI share of EBDT (b)	$	3,405		$	2,691		$	18,951		$	12,216
EBDT per share—basic	$	0.14		$	0.19		$	0.91		$	0.85
EBDT per share—diluted	$	0.14		$	0.19		$	0.91		$	0.85

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Reconciliation of net loss to ATCF (c):
Net loss	$	(1,569	)	$	(1,567	)	$	(903	)	$	(2,049	)
Adjustments:
Deferred income tax expense (benefit)		(931	)		938			1,221			635
Minority interests		(1,506	)		(867	)		127			(1,105	)
Depreciation and amortization		2,828			3,144			11,604			12,661
Amortization of loan costs		82			129			327			487
Non-cash compensation expense		849			1,381			3,765			3,754
Straight-line rent adjustments		1,473			1,478			5,857			5,543
Fair market value of rent adjustments		(12	)		(1	)		(16	)		(259	)
Unconsolidated real estate entities:
Depreciation and amortization		6,285			3,585			19,712			14,610
Depreciation and amortization from discontinued operations		—			43			12			156
Amortization of loan costs		437			521			1,681			1,407
Amortization from discontinued operations		—			34			—			173
Straight-line rent adjustments		(669	)		(538	)		(3,410	)		(3,288	)
Fair market value of rent adjustments		(613	)		36			(1,428	)		76
ATCF	$	6,654		$	8,316		$	38,549		$	32,801
TPGI share of ATCF (b)	$	4,028		$	3,755		$	21,626		$	14,860
ATCF per share—basic	$	0.17		$	0.26		$	1.04		$	1.04
ATCF per share—diluted	$	0.17		$	0.26		$	1.04		$	1.04
Weighted average common shares—basic		23,643,502			14,354,703			20,739,371			14,339,032
Weighted average common shares—diluted		23,626,031			14,368,763			20,766,182			14,352,913

(a) EBDT is a non-GAAP financial measure and may not be directly comparable to similarly-titled measures reported by other companies. We define EBDT as net income (loss) excluding the following items: i) deferred income tax expense (benefit); ii) minority interests; iii) non-cash charges for depreciation and amortization; and iv) amortization of loan costs. EBDT provides a performance measure that, when compared year over year, reflects the impact to operations from changes to occupancy rates, rental rates, operating costs, development and redevelopment activities, general and administrative expenses, and interest costs, and provides perspective on operating performance not immediately apparent from net income. EBDT should be considered only as a supplement to net income as a measure of our performance. EBDT also assists management in identifying trends for purposes of financial planning and forecasting results. However, the usefulness of EBDT as a performance measure is limited and EBDT should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. EBDT also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).

(b) Based on an interest in our operating partnership of 60.5% and 45.2% for the three months ended December 31, 2007 and 2006, respectively, and 56.1% and 45.3% for the year ended December 31, 2007 and 2006, respectively.

(c) ATCF is a non-GAAP financial measure and may not be directly comparable to similarly-titled measures reported by other companies. We define ATCF as net income (loss) excluding the following items: i) deferred income tax expense (benefit); ii) minority interests; iii) non-cash charges for depreciation and amortization; iv) amortization of loan costs; v) non-cash compensation expense; vi) the adjustment to recognize rental revenues using the straight-line method; and vii) the adjustment to rental revenue to reflect the fair market value of rents. Management utilizes ATCF data in assessing performance of our business operations in period-to-period comparisons and for financial planning purposes. ATCF should be considered only as a supplement to net income as a measure of our performance. ATCF should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. ATCF also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).

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THOMAS PROPERTIES GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	December 31, 2007			December 31, 2006
	(unaudited)			(audited)
ASSETS
Investments in real estate	$	574,983		$	442,798
Less accumulated depreciation		(111,619	)		(106,644	)
		463,364			336,154
Investments in unconsolidated real estate entities		49,199			52,364
Cash and cash equivalents		126,647			64,343
Restricted cash		26,251			21,500
Rents and other receivables, net		2,352			2,195
Receivables—unconsolidated real estate entities		6,640			4,074
Deferred rents		11,932			17,610
Deferred leasing and loan costs, net		15,815			14,707
Other assets		18,692			5,133
Total assets	$	720,892		$	518,080
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage, other secured, and unsecured loans	$	396,007		$	331,828
Accounts payable and other liabilities		74,733			35,458
Dividends and distributions payable		2,354			1,916
Due to affiliate		2,000			—
Prepaid rent		3,402			3,558
Deferred tax liability		—			2,392
Total liabilities		478,496			375,152
Minority interests:
Unitholders in the Operating Partnership		93,492			76,390
Minority interests in consolidated real estate entities		4,581			4,288
Total minority interests		98,073			80,678
Common stock		237			144
Limited voting stock		145			167
Additional paid-in capital		159,420			71,095
Retained deficit and dividends including $329 and $258 of other comprehensive loss as of December 31, 2007 and December 31, 2006, respectively		(15,479	)		(9,156	)
Total stockholders’ equity		144,323			62,250
Total liabilities and stockholders’ equity	$	720,892		$	518,080

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Contact: Thomas Properties Group, Inc.

Website: www.tpgre.com

Diana Laing, Chief Financial Officer

213-613-1900

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