WASHINGTON, Aug. 23 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired West Willows
Technology Center, a three-building, 155,386 square-foot office project in
Redmond, Washington. CarrAmerica has also assumed management of the
buildings.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica paid approximately $35.6 million for the office/R&D property,
which is fully occupied by Cingular. West Willows Technology Center is
expected to provide a year one GAAP return of 8.1%.
CarrAmerica Managing Director for Seattle, Clete Casper, commented, "We're
very pleased to add this acquisition to our existing portfolio in the
Eastside." Mr. Casper added, "In conjunction with this acquisition we have
renewed Cingular's lease for 11 years. CarrAmerica is delighted to have the
opportunity to expand our relationship with this outstanding organization."
Cingular also leases space at CarrAmerica's Canyon Park Commons office campus
in Bothell, Washington.
Completed in 1995, the three, two-story buildings are located at 14500,
14520 and 14560 NE 87th Street.
The listing brokers in this transaction were Tim O'Keefe and Joe Baldwin
of CB Richard Ellis, Inc.
In Seattle's Eastside, CarrAmerica now owns 35 office and R&D buildings
containing over 1.7 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 approximately 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 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 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 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
reasonable cost; ability to maintain our status as a REIT for federal and
state income tax purposes; ability to raise capital; 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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