950 F Street Now 80% Leased More Than One Year Prior to Completion
WASHINGTON, Jan. 25 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) and Douglas Development Corporation today announced
that Pharmaceutical Research and Manufacturers of America (PhRMA) has signed a
67,735-square-foot lease at The Atlantic Building. Located at the southeast
corner of Tenth and F Streets, NW, bordering the historic Ford's Theatre, The
Atlantic Building, upon its anticipated completion in the first quarter of
2006, will be a ten-story, 280,000-square-foot, trophy-quality office and
retail project that combines historic preservation and new construction.
CarrAmerica Urban Development, LLC, a CarrAmerica subsidiary, is developing
the project for Douglas Development, the property owner.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Senior Managing Director for Metropolitan Washington, D.C.,
John Donovan, said, "We are delighted that PhRMA has chosen The Atlantic
Building as the association's new headquarters location." Mr. Donovan added,
"PhRMA's commitment to The Atlantic Building brings leasing of the building's
office space to 80%." In November 2003, the national law firm Alston & Bird
LLP preleased 118,849 square feet at The Atlantic Building.
"Bringing our entire Washington staff together under one roof will
improve our teamwork and effectiveness," said Ken Johnson, PhRMA Senior
Vice President for Communications. "The Atlantic Building lets us
realize this goal. It is a great project and we are excited to be a part
of it and the continuing revitalization of downtown Washington."
In addition to providing development management services for The Atlantic
Building, CarrAmerica is providing leasing and property management services.
CarrAmerica is also providing mezzanine financing for the project.
The Atlantic Building will be comprised of the integration of: four
restored historic facades located mid-block on F Street, including that of the
original, circa-1897 Atlantic Building; three restored historic townhouses at
the corner of Tenth and F Streets; and a new, state-of-the-art office building
that will rise behind and above these historic structures. Construction of
the project began in January 2004 and is expected to be completed in the first
quarter of 2006.
PhRMA was represented in this transaction by Thomas M. Fulcher, Jr.,
Executive Vice President, and David Lipson, Executive Managing Director, both
of Studley, Inc. Phillip S. Thomas, Jr. and William S. Barroll of Carr Real
Estate Services, Inc. represented the owner.
The Pharmaceutical Research and Manufacturers of America (PhRMA)
represents the country's leading research-based pharmaceutical and
biotechnology companies, which are devoted to inventing medicines that allow
patients to live longer, healthier, and more productive lives. The industry
invested an estimated $33.2 billion in 2003 in discovering and developing new
medicines. PhRMA companies are leading the way in the search for new cures.
Douglas Jemal, the founder of Douglas Development, has played an important
part in the resurgence in economic growth in many areas of the city, notably
Shepard Park, the Howard University area and NoMa (north of Massachusetts
Avenue), and the redevelopment of the Historic People's Warehouse and many
other historic districts. Douglas is currently focused on the redevelopment
of the F Street corridor, with many prominent properties such as the Woodward
& Lothrop Building; the American Institute of Architects Catalyst Award-
winning LeDroit and Atlas buildings at 800 F Street, home to the International
Spy Museum; and Jemal's Lofts, 62 residential loft units to be located at 912
F Street. For more information, please visit
http://www.douglasdevelopment.com.
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.
SOURCE CarrAmerica Realty Corporation
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