WASHINGTON, June 28 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired Commonwealth
Tower in Rosslyn, Virginia. CarrAmerica paid $131.2 million for the 344,533
square foot, 15-story, Class A office building, which includes approximately
11,000 square feet of retail space, a fitness center and a four-story parking
garage. CarrAmerica is also leasing and managing Commonwealth Tower.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Suburban Washington, D.C., Bob
Milkovich, commented, "We're very pleased to have the opportunity to acquire
this Class A property in a close-in, Metro-accessible suburban Washington,
D.C. location." Mr. Milkovich added, "Commonwealth Tower gives us a high-
quality asset with long-term value. The property is 100% occupied, including
tenants such as American Chemistry Council and The Mills Corporation, in a
submarket that has very high barriers to entry."
Commonwealth Tower is situated in the heart of Rosslyn at 1300 Wilson
Boulevard, just across the Potomac River from Washington, D.C.; and it is
proximate to Route 50, the George Washington Parkway, I-66, and Route 100.
Additionally, the building has immediate access to Washington, D.C. via all
four major bridges crossing the Potomac River and Metrorail's Blue/Orange
line, which is across the street. Originally developed in 1971, Commonwealth
Tower was completely redeveloped in 1995. The building's upper floors enjoy
Washington, D.C. monument views. In 2003, Commonwealth Towers was awarded The
Office Building of the Year (TOBY) by the Building Owners and Managers
Association (BOMA).
In suburban Washington, D.C., CarrAmerica now owns, directly or through
joint ventures, interests in 13 office buildings containing approximately two
million square feet.
CarrAmerica owns, develops and operates office properties in 13 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 295 operating office properties. CarrAmerica's markets include
Atlanta, 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 http://www.carramerica.com.
Certain statements in this release 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 properties, possible
charges or payments resulting from our guarantee of certain leases of HQ
Global Workplaces, Inc., the ability of the general economy to recover timely
from the current economic downturn, availability and creditworthiness of
tenants, the level of lease rents and the availability of financing for both
tenants and the Company, adverse changes in the real estate markets including,
among other things, competition with other companies, risks of real estate
acquisition and development (including the failure of pending acquisitions to
close and pending developments to be completed on time and within budget),
actions, strategies and performance of affiliates that the Company may not
control or companies in which the Company has made investments, our ability to
maintain our status as a REIT for federal income tax purposes, 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 on Form 10-K.
SOURCE CarrAmerica Realty Corporation
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Related links:
http://www.carramerica.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Maureen Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, or maureen.wheeler@carramerica.com
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