Tenant Decision Driven by Green Building Specifications
Built into Downtown Office Tower
WASHINGTON, June 6 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) and JER Partners today announced a 28,658 square foot
lease transaction with Green Mountain Energy Company at 300 West 6th Street in
downtown Austin. 300 West 6th Street is owned by 300 West Sixth LP, a joint
venture between CarrAmerica and JER Partners. With this lease, 300 West 6th
Street is 77% leased and CarrAmerica's 17-building, approximately 1.7 million
square foot Austin portfolio, including both wholly owned properties and
properties held in joint ventures, is 84% leased.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Market Managing Director for Austin, Jeff Pace, commented, "We
are thrilled to add Green Mountain Energy to our tenant roster at 300 West
6th." Mr. Pace continued, "300 West 6th is unique in its combination of
location, large, efficient floorplates, high parking ratio and for achieving
the highest commercial project rating under the Austin Green Builder Program."
"Moving into the new downtown headquarters represents both our commitment
to Austin as well as our commitment to living out our mission and priorities,"
said Paul Thomas, CEO and president of Green Mountain Energy Company. "We are
excited with the beautiful new facility and look forward to our continued
growth in Austin."
300 West 6th Street features large, efficient floorplates averaging 28,500
square feet in size, an on-site fitness center, state-of-the-art technology
infrastructure and double the typical downtown parking ratio. The project was
developed under the Austin Green Builder Program and awarded its highest
rating for commercial projects. It has also won the 2002 Project IMPACT Award
from the Downtown Austin Alliance. Tenants in the building include the law
firms Akin, Gump, Strauss, Hauer & Feld, L.L.P.; Clark, Thomas & Winters,
P.C.; and McKool Smith, P.C.; as well as Comerica Bank and Austin Ventures,
the largest venture capital firm in the Southwest. Retail tenants include
Thistle Cafe, an Austin-based restaurant.
CarrAmerica extends its appreciation to Jay Lamy and Steve Sanders of The
Staubach Company, who represented Green Mountain Energy Company in this
transaction.
Founded in 1997 to "change the way power is made," Green Mountain Energy
Company (http://www.greenmountain.com) offers residential, business,
institutional and governmental customers the choice to support cleaner
electricity generated from sources such as wind, solar, water, geothermal,
biomass and natural gas. Due to Green Mountain Energy Company's efforts, about
600,000 customers nationwide are purchasing electricity that is significantly
less polluting than typical system power. The company is based in Austin,
Texas.
JER Partners has launched five private equity real estate investment funds
since 1997 with over $2 billion in committed equity capital. These funds
together with their financial partners have to date made gross investments of
$6 billion in real estate assets. Most of JER's investments are in office,
retail, multi-family and industrial properties. Other areas of investment
include Commercial Mortgage-Backed Securities ("CMBS"), hospitality,
healthcare related real estate and mezzanine financing.
JER Partners is the private equity investment arm of J.E. Robert
Companies, a real estate investment management company with more than 24 years
of experience in sourcing, underwriting and managing a broad spectrum of real
estate, debt products and equity investments in North America and Europe.
Together with its financial partners, the J.E. Robert Companies has invested
in or managed more than 180 transactions with a gross purchase price of $11
billion. For more information on JER, please visit http://www.jer.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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Related links:
http://www.carramerica.com
http://www.greenmountain.com http://www.jer.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:
Karen L. Widmayer of CarrAmerica,
+1-202-729-1789, karen.widmayer@carramerica.com; or David B.
Sturtevant, +1-703-813-5643, X243, daves@roiadvertising.com, for
JER Partners
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