WASHINGTON, Oct. 5 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired One and Two
Legacy Town Center -- a 360,823 square foot, Class A office project located in
the Legacy submarket -- in a joint venture with institutional investors
advised by JPMorgan Fleming Asset Management. In addition to its minority
ownership position in the acquisition, CarrAmerica will be managing and
leasing the two buildings. CarrAmerica's approximately $13.3 million
investment in the project is expected to provide a year one GAAP return of
8.8%.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Dallas, Bill Vanderstraaten, commented,
"We're very pleased to have the opportunity to purchase these premier office
properties in the most active growth submarket in Dallas." Mr. Vanderstraaten
added, "With over 700,000 square feet now managed and leased in Legacy,
CarrAmerica is the predominant multi-tenant property manager in this office
campus. Additionally, the buildings' proximity to other CarrAmerica
properties in the submarket allows us to add value through our established
management and leasing staff."
Rick Sheppard, Managing Director at JPMorgan Fleming, echoed
Vanderstraaten's sentiments about the assets and added that their location at
the heart of Legacy Town Center with frontage on the North Dallas Toll Road
gives them a powerful marketing edge over competing product, especially with
tenants focused on quality of life issues.
The buildings are located on the east side of the North Dallas Tollway,
north of Highway 190 and within walking distance of the Legacy Town Center, a
mixed-use, urban-style village. The Town Center includes the 12-acre Bishop
Park, over 300 units of new residential, the Marriott Legacy Hotel, and The
Shops at Legacy, an upscale retail village with 11 restaurants and numerous
other retail establishments.
Below is a list of the square feet, stories, and occupancy for each of the
buildings.
Square Feet Stories Occupancy
One Legacy Town Center 153,766 6 98%
Two Legacy Town Center 207,057 8 93%(98% committed)
In Dallas, Texas, CarrAmerica now owns, directly or through joint
ventures, and/or manages 19 office buildings containing approximately 2.4
million square feet.
As a part of J.P. Morgan Chase & Co., JPMorgan Fleming Asset Management is
a global asset management leader providing world-class investment solutions to
corporations, governments, institutions, endowments, foundations and
individuals. With over $570 billion* in global assets under management,
JPMorgan Fleming offers global reach, local presence, and product leadership
in every asset class for defined benefit and defined contribution pension
plans, segregated accounts, proprietary and third party mutual funds, and high
net worth individuals. Its 30-year history of successful investing and more
than 100 real estate professionals who manage both private and public real
estate portfolios evidence JPMorgan Fleming's commitment to real estate.
JPMorgan Fleming's broad investment capabilities and framework for analyzing
opportunities in today's complex real estate markets provides critical
insights for its institutional clients. Real estate research at JPMorgan
Fleming draws on the work of economists, capital markets researchers, equity
analysts, and fixed income specialists with strategic investment decisions
being derived from all inputs.
*As of June 30, 2004. This number includes JPMorgan Private Bank assets.
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 293 operating office properties. 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 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 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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