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Michael-5 said:

feelplus is an internal Microsoft studio, but they haven't made a single 360 exclusive on their own. they were only purchased by Microsoft to help in the making of Lost Odyssey, and several 360 exclusive JRPG's.

Feelplus isn't owned by MS, they're owned by AQ Interactive (who also owns Artoon, Cavia, Microcabin and Xseed).  Feelplus is made up of ex-MGS Japan staff though (specifically some of the guys behind Phantom Dust (mostly from Sega) and Magatama (mostly from Square)), as well as people from Nautilus (Faselei, Shadow Hearts 1-3) and Sacrab (Fighting Vipers 2, Dino Crisis 3).

Feelplus also did a 2nd 360 exclusive with N3 II.  They've worked on DS, Wii and PS3 games also though, they're definitely not in any way directly associated with MS.