WASHINGTON, Sept. 7 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired Corporate Plaza
II in San Diego, California. CarrAmerica paid $35.6 million for the 116,166
square foot, two-building, low-rise office property. In addition, CarrAmerica
is providing property management services for Corporate Plaza II.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Southern California, Malcolm O'Donnell,
commented, "We're very pleased to have the opportunity to make this strategic
acquisition in Del Mar Heights, which is one of the best performing and most
land constrained submarkets in San Diego." Mr. O'Donnell added, "CarrAmerica
now owns nine buildings on High Bluff Drive in Del Mar, which is approximately
10% of the submarket."
Currently 77% leased, Corporate Plaza II is expected to provide a year one
GAAP return of 6.34% and a stabilized GAAP return of approximately 8%.
Corporate Plaza II is comprised of two, four-story Class A office
buildings, which are located at 12626 and 12636 High Bluff Drive and contain
57,560 square feet and 58,526 square feet, respectively. The property
features excellent freeway visibility and is proximate to an abundance of
amenities. Situated just north of the I-5/I-805 merge, Corporate Plaza II is
located within minutes of these Interstates as well as the new I-56, offering
easy access to all outlying areas of San Diego and beyond.
In Southern California, CarrAmerica now owns, directly or through joint
ventures, interests in 64 office buildings containing approximately 4.1
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 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 Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, or maureen.wheeler@carramerica.com
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