WASHINGTON, Aug. 18 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) announced today the purchase of Park Place, an
approximately 168,000 square foot, Class A office tower in Rosslyn, Virginia.
CarrAmerica paid $61.7 million for the 13-story tower, which features
monumental views of Washington, D.C., direct views of the Iwo Jima memorial to
the south, corner balconies from which to enjoy them and excellent access to
the Rosslyn Metrorail station. The project is expected to provide a year-one
GAAP return of 7%.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Metropolitan Washington, D.C., Phillip
Thomas, commented, "Park Place further strengthens CarrAmerica's position as
one of the Washington area's premier owners and operators of Class A office
buildings." Mr. Thomas continued, "Park Place is exceptionally well-located
in an area tightly constrained in terms of new supply with some of the lowest
vacancy rates in the close-in Washington suburbs."
Park Place is located at 1655 North Fort Myer Drive, just across the
Potomac River from Washington, D.C. and 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 1981, Park Place has been institutionally owned and
managed and has maintained its Class A status through a series of renovations.
In metropolitan Washington, D.C., CarrAmerica owns, directly or through
joint ventures, and/or manages 34 office buildings containing over 6.3 million
square feet.
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 290 operating office properties, totaling close to 27 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 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
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, financial 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
reasonable cost; ability to maintain our status as a REIT for federal and
state income tax purposes; ability to raise capital; the effect of any changes
in accounting policies or financial statement presentation; the 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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