WASHINGTON, Sept. 1 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has purchased The Commercial
National Bank Building in Washington, D.C. CarrAmerica paid $84 million for
the 11-story, 205,869 square foot property, which is expected to provide a
year one GAAP return of approximately 7.6%.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
Located in the East End submarket, The Commercial National Bank Building
is comprised of two separate but interconnected components. In 1989,
CarrAmerica's predecessor, The Oliver Carr Company, completed the project,
which encompassed redevelopment of the historic, 1917-vintage 700 Fourteenth
Street building and development of the new 1420 New York Avenue component.
CarrAmerica or its predecessor has managed the property since its completion.
CarrAmerica Senior Managing Director for Metropolitan Washington, D.C.,
John Donovan, commented, "We're very pleased to have the opportunity to
acquire this architecturally-rich, Class A property, with which we have so
much history." Mr. Donovan added, "The Commercial National Bank Building
gives us a high-quality asset with long-term value. The property is 100%
occupied, with the premier law firm of Skadden Arps Slate Meagher & Flom LLP
as its major tenant, and has very little leasing exposure in the near future."
The Commercial National Bank Building is listed on the National Register
of Historic Places. The three-story lobby of 700 Fourteenth Street was once
the grand banking hall of the building's original occupant, The Commercial
National Bank. The 75-foot long hall features marble floors, three-story
pilasters and coffered ceilings. 1420 New York Avenue also has a three-story
lobby, which complements the former grand banking hall. The property's
floorplates can be leased individually or collectively, affording flexibility
for tenant requirements of various sizes.
Located one and a half blocks east of the White House, The Commercial
National Bank Building faces three streets -- Fourteenth Street, G Street and
New York Avenue. The location offers easy access to the Metro Center subway
station, an entrance to which is one block away, numerous restaurants and
high-end hotels.
In metropolitan Washington, D.C., CarrAmerica now owns, directly or
through joint ventures, and/or manages 59 office buildings containing over
10.6 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 296 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 our web site at
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 extent, strength and duration of any economic
recovery, 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 or the failure
of any property acquired or developed to perform as expected), 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 C. Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, maureen.wheeler@carramerica.com
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