WASHINGTON, June 27 /PRNewswire/ -- CarrAmerica Realty Corporation
(NYSE: CRE) and Douglas Development Corporation today announced the
completion of The Atlantic Building. Located at 950 F Street, NW, bordering
the historic Ford's Theatre, The Atlantic Building is a ten-story,
280,000-square-foot office and retail project. CarrAmerica's wholly-owned
subsidiary, CarrAmerica Urban Development, LLC, developed the project for
Douglas Development, the property owner.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
"Our collaboration with Douglas Development has produced a rich new
addition to the fabric of F Street," stated Bob Carr, President of
CarrAmerica Urban Development, LLC. Mr. Carr added, "We're extremely
pleased to see Shalom Baranes Associates' design come to life in this
exciting, 24-hour neighborhood. We love how the new architecture, historic
preservation, museum design, commissioned artwork, street-level retail and
retail space for Ford's Theatre mesh to form an extraordinary, mixed-use
project."
Alston & Bird LLP, a major national law firm, has leased 118,849 square
feet of the project and occupied its space in May 2006. Additionally, the
Pharmaceutical Research and Manufacturers of America (PhRMA) has leased
67,735 square feet and occupied its space in April 2006. The office space
in the project is 80% leased to these two tenants.
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 is 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 rises behind and above these historic structures.
Construction of the project began in January 2004.
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 Urban Development, LLC is currently developing projects
with an estimated total value of $900 million. In addition to The Atlantic
Building, these projects include: The Shakespeare Theatre and The
International Union of Bricklayers and Allied Craftworkers (BAC)
headquarters building, a mixed-used development comprised of The Harman
Center for the Arts (home to The Shakespeare Theatre) and the headquarters
offices for BAC, which is scheduled for completion in fall 2006; the
Freedom Forum/Newseum building at Pennsylvania Avenue and Sixth Street,
which will encompass museum, office and residential components and is
scheduled for completion in 2007; and 1199 F Street (also owned by Douglas
Development), a 250,000 square foot office and retail building, scheduled
to begin construction in June 2006. Recently completed projects include:
the International Monetary Fund's 650,000 square foot office building at
1900 Pennsylvania Avenue, which was completed in May 2005; Terrell Place, a
534,000 square foot office, retail and residential complex on the site of
the old Hecht's department store, which was completed in September 2003;
The Residences at Terrell Place, a 29-unit residential condominium complex,
located at the corner of Seventh and E Streets, which was completed in
September 2003; 1750 H Street, a 111,000 square foot office building
completed in October 2002; 799 Ninth Street, a 201,000 square foot office
building completed in November 2001 in a joint venture with DRI Partners;
and 1201 F Street, a 227,000 square foot, Class-A office building in the
heart of the East End submarket, which was completed in April 2000.
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 287 operating office properties, totaling
approximately 26.4 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
back to top
