WASHINGTON, May 23 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced a 90,679 square foot lease transaction
with Archstone-Smith (NYSE: ASN) comprised of a 64,768 square foot renewal of
existing space and a 25,911 square foot expansion at CarrAmerica's Panorama
Corporate Center V in Englewood, Colorado. Panorama Corporate Center is owned
by a joint venture between CarrAmerica and New York State Teachers' Retirement
System. With this lease, Panorama Corporate Center V is 100% leased and
CarrAmerica's 15-building, approximately 1.6 million square foot Denver
portfolio, including both wholly owned properties as well as properties held
in joint ventures, is 96% leased.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Vice President/Director of Operations for Denver, Jerry
Masotti, commented, "We are delighted to expand our relationship with
Archstone-Smith at Panorama." Mr. Masotti continued, "Panorama's location
within the Southeast suburban Denver market, campus environment and future
access to the T-REX system continues to be attractive to major corporate
tenants."
"We have been at Panorama Corporate Center for eight years and have
enjoyed this location close to major thoroughfares, which provides our
associates with easy access from many different neighborhoods throughout the
greater Denver area," said Charles E. Mueller, Jr., chief financial officer of
Archstone-Smith.
Panorama Corporate Center, at its expected full build-out, will be
comprised of nine buildings totaling 1.05 million square feet. The 54-acre
office campus is located at the heart of the southeast suburban business
district and is adjacent to one of the future T-REX transit system stations.
The office park currently consists of six buildings totaling 664,050 square
feet and land that will support the future development of approximately
362,340 square feet. Panorama Corporate Center is the recent recipient of the
Office Building of the Year (TOBY Award) from the Denver Metro Chapter of
Building Owners and Managers Association (BOMA).
CarrAmerica extends its appreciation to Rob Link of Julien J. Studley,
Inc. for his representation of Archstone-Smith and to Nathan Johnson of the
Frederick Ross Company for his representation of CarrAmerica in this
transaction.
Archstone-Smith (NYSE: ASN) is a recognized leader in apartment investment
and operations. With a current total market capitalization of approximately
$12.2 billion, Archstone-Smith owns and operates an irreplaceable portfolio
representing 231 high-rise and garden-style apartment communities concentrated
in many of the nation's most desirable neighborhoods. Headquartered in
Englewood, Colo., Archstone-Smith employs approximately 300 associates in its
corporate office and nearly 2,700 nationwide. For more information, visit
http://www.ArchstoneSmith.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 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.
SOURCE CarrAmerica Realty Corporation
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