WASHINGTON, Jan. 24 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced the sale of floors two through five at
650 F Street as office condominium space to AARP in Washington, D.C.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
650 F Street is one of three interconnected components that comprise
Terrell Place, a 476,000-square-foot office and retail complex with the
historic former Hecht Company building as its centerpiece. Located at the
southeast corner of Seventh and F Streets, Terrell Place borders AARP's
headquarters building at 601- 611 E Street, enabling the new condominium space
to connect with floors two through five of AARP's building.
CarrAmerica Senior Managing Director for Metropolitan Washington, D.C.,
John Donovan, commented, "We're very pleased that we've been able to
accommodate AARP's expansion needs. CarrAmerica has a longstanding
relationship with AARP, which began in 1988 when AARP chose The Oliver Carr
Company, CarrAmerica's predecessor, to develop its new headquarters building.
In 2000, a partnership that included CarrAmerica sold the building to AARP,
which had leased it in its entirety for the previous decade."
Mr. Donovan added, "The decision to sell these floors to AARP was based on
the unique circumstances created by the adjacency of the space to AARP's
existing building. There are no current plans to sell additional floors at
Terrell Place."
"We are delighted that AARP's growth can be accommodated through this
acquisition that will permit the expansion of AARP to better serve its members
with minimum disruption to our employees and operation" added Richard Henry,
AARP's Associate Executive Director for Operations.
AARP was advised in this transaction by Arthur G. Greenberg and Thomas M.
Fulcher, Jr. of Studley, Inc., which also advised AARP on its purchase of 601-
611 E Street. CarrAmerica represented the Terrell Place ownership, a joint
venture between CarrAmerica and a client of JPMorgan Fleming Asset Management.
With the sale of floors two through five of 650 F Street, the office space
at Terrell Place is 81% committed. Current occupants in the building include
anchor tenant Venable LLP, which leases 263,000 square feet; Rosa Mexicano, a
New York-based, white-tablecloth Mexican restaurant; and Chevy Chase Bank. In
addition, The Staubach Company has signed a lease for 13,142 square feet and
will occupy Terrell Place in 2005.
In metropolitan Washington, D.C., CarrAmerica owns, directly or through
joint ventures, and/or manages 59 office buildings containing over 10.6
million square feet.
CarrAmerica owns, develops and operates office properties in 12 markets
throughout the United States. The company has become one of America's leading
office workplace companies by meeting the rapidly changing needs of its
customers with superior service, a large portfolio of quality office
properties and extraordinary development capabilities. Currently, CarrAmerica
and its affiliates own, directly or through joint ventures, interests in a
portfolio of 294 operating office properties, totaling over 26 million square
feet. CarrAmerica's markets include Austin, Chicago, Dallas, Denver, Los
Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay
Area, Seattle and metropolitan Washington, D.C. For additional information on
CarrAmerica, including space availability, visit our web site at
http://www.carramerica.com.
Certain statements in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance, dividends, achievements or transactions of the Company
and its affiliates or industry results to be materially different from any
future results, performance, achievements or transactions expressed or implied
by such forward-looking statements. Such factors include, among others, the
following: national and local economic, business and real estate conditions
that will, among other things, affect demand for office properties, possible
charges or payments resulting from our guarantee of certain leases of HQ
Global Workplaces, Inc., the extent, strength and duration of any economic
recovery, availability and creditworthiness of tenants, the level of lease
rents and the availability of financing for both tenants and the Company,
adverse changes in the real estate markets including, among other things,
competition with other companies, risks of real estate acquisition and
development (including the failure of pending acquisitions to close and
pending developments to be completed on time and within budget or the failure
of any property acquired or developed to perform as expected), actions,
strategies and performance of affiliates that the Company may not control or
companies in which the Company has made investments, our ability to maintain
our status as a REIT for federal income tax purposes, governmental actions and
initiatives, and environmental/safety requirements. For a further discussion
of these and other factors that could impact the Company's future results,
performance, achievements or transactions, see the documents filed by the
Company from time to time with the Securities and Exchange Commission, and in
particular the section titled, "The Company -- Risk Factors" in the Company's
Annual Report on Form 10-K.
SOURCE CarrAmerica Realty Corporation
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Related links:
http://www.carramerica.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Maureen C. Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, or maureen.wheeler@carramerica.com
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