WASHINGTON, April 27 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired Colonnade I, II &
III -- a 984,254-square-foot, three-building, Class A office complex located
in Addison, Texas -- in a joint venture with institutional investors advised
by JPMorgan Asset Management. In addition to its 20% ownership position in
the acquisition, CarrAmerica will be managing and leasing the three buildings.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica's Chief Investment Officer, Karen Dorigan, commented, "The
addition of Colonnade I, II, & III allows us to participate in the ownership
of a high-quality, well-positioned asset in the Far North Dallas area, one of
the most active submarkets in Dallas." Ms. Dorigan added, "We're very pleased
to expand our joint venture relationship with JPMorgan Asset Management."
The interconnected buildings of Colonnade I, II & III are constructed of
reflective glass and granite. The property features a 42,000-square-foot,
sun-filled atrium with extensive landscaping and water features. Situated on
the southwest corner of Arapaho Road and Dallas Parkway, the Colonnade
buildings are a short drive from Addison Airport and offer easy access to the
Dallas North Tollway and other major transportation arteries. Additionally,
the buildings are within walking distance of the InterContinental Dallas hotel
and Addison Circle, an urban-style village with over 1,300 residential units
and numerous restaurants and other retail establishments.
Below is a list of the square feet and stories for each of the buildings.
Square Feet Stories
Colonnade I 292,490 12
Colonnade II 314,125 14
Colonnade III 377,639 16
In Dallas, Texas, CarrAmerica now owns, directly or through joint
ventures, and/or manages 22 office buildings containing over 3 million square
feet.
JPMorgan Asset Management is a global asset management leader providing
world-class investment solutions to institutions, individuals and financial
intermediaries. The firm is responsible for close to $791 billion in assets
under management, including $29 billion in real estate managed by JPMorgan
Real Estate, as of December 31, 2004. With a 30-year history of successful
investing and a staff of more than 150 real estate professionals, JPMorgan
Real Estate identifies, analyzes, negotiates, acquires, develops, redevelops,
renovates, operates, maintains, finances and sells commercial properties, on
behalf of our clients. JPMorgan's broad investment capabilities and framework
for analyzing opportunities in today's complex real estate markets provide
critical insights for its institutional clients in both the public and private
markets. Real estate research at JPMorgan draws on the work of economists,
capital markets researchers, equity analysts, and fixed income specialists to
closely monitor and control risk to achieve optimal risk-adjusted returns.
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 288 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.
Estimates of Diluted FFO and earnings per share and certain other
statements in this release, including management's expectations about, among
other things, operating performance and financial conditions, 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 space, the extent, strength and duration of any economic
recovery, including the effect on demand for office space and the creation of
new office development, availability and creditworthiness of tenants, the
level of lease rents, and the availability of financing for both tenants and
us; adverse changes in real estate markets, including, among other things, the
extent of tenant bankruptcies, financial difficulties and defaults, the extent
of future demand for office space in our core markets and barriers to entry
into markets which we may seek to enter in the future, the extent of the
decreases in rental rates, our ability to identify and consummate attractive
acquisitions on favorable terms, our ability to consummate any planned
dispositions in a timely manner on acceptable terms, and changes in operating
costs, including real estate taxes, utilities, insurance and security costs;
actions, strategies and performance of affiliates that we may not control or
companies in which we have made investments; ability to obtain insurance at a
reasonable cost; ability to maintain our status as a REIT for federal and
state income tax purposes; ability to raise capital; effect of any terrorist
activity or other heightened geopolitical crisis; 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 or Form 10-K.
SOURCE CarrAmerica Realty Corporation
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