WASHINGTON, Oct. 10 /PRNewswire/ -- CarrAmerica Realty Corporation
(NYSE: CRE) and Beacon Capital Partners today announced that 1888 Century Park
East in Los Angeles has received The Office Building of the Year (TOBY) Award
for 2005-2006 from the Building Owners and Managers Association of Greater Los
Angeles (BOMA/GLA) in the "Renovated Building" category. Additionally,
BOMA/GLA has also awarded the property the Southern California Edison Energy
Excellence Award.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Southern California, Malcolm O'Donnell,
commented, "We are very proud of the 1888 Century Park East operations team
for the effort they have put forth in winning this prestigious award." Mr.
O'Donnell added, "CarrAmerica strives to incorporate the industry's best
practices into our operating plan for all properties, while fostering
professionalism, teamwork and professional growth. This award is yet another
testimonial to our commitment to excellence in property management."
1888 Century Park East earned top honors in the TOBY renovation
competition. Buildings judged in the renovation category must meet the
following requirements. The building must be at least 15 years old and have
maintained occupancy during the renovation process. The renovation can
encompass rehabilitation, modernization or remodeling. Rehabilitation
involves the restoration of a property to a satisfactory condition without
changing the plan, form or style of a structure. Modernization includes
taking corrective measures to bring a property into conformity with changes in
style, whether exterior or interior. It requires replacing parts of the
structure or mechanical equipment with modern replacements of the same kind
but does not include capital additions. Remodeling involves changing the plan,
form or style of a structure to correct functional or economic deficiencies.
Five of the following upgrades must have been completed: new roof, new
boilers/HVAC system, cleaning of building exterior, new street level facade,
new electrical system, new sprinkler system, new elevator system components
(including cab interiors and security systems), renovated main lobby, and new
toilets.
The building also received BOMA's Southern California Edison Energy
Excellence Award, in recognition of exceptional practices in operational
efficiency and emergency preparedness, and in managing building electricity
usage to provide load reductions during critical peak periods to help ensure
power system reliability in Southern California
Originally built in 1971 and purchased in 2003 in a joint venture between
CarrAmerica and Beacon Capital Partners, 1888 Century Park East is a 486,000
square foot, 21-story, office building located in Los Angeles' Century City
submarket. Situated in the heart of Los Angeles, 1888 Century Park East is 15
minutes north of Los Angeles International Airport and offers easy access to
the Los Angeles Basin via the San Diego 405 and Santa Monica 10 freeways to
the west and south, respectively. The building is within walking distance of
many retail amenities including The Century City Shopping Center, which offers
140 high-end stores and over 22 specialty eateries and fine dining
restaurants. Additionally, The Century Plaza Hotel, The St. Regis, and Park
Hyatt are all a short walk from the property.
In 2004, CarrAmerica and Beacon Capital Partners, as joint venture
partners, completed a comprehensive renovation of the building's entrance,
lobby area, and surrounding landscape, positioning the property to exceed the
demands of today's tenants. The renovation was comprised of a complete
reconstruction of the lobby entrance, which included a new, two-story, floor-
to-ceiling, clear, mullionless glass wall facing the street; the addition of a
35 foot long wall of cascading water; and state-of-the-art elevator upgrades.
Other enhancements to the exterior of the building included a new stainless
steel canopy, stainless "fins" on the building's mullions, a new
landscape/hardscape plan in front of the building, new monument signage and
the addition of a valet area in the garage.
Beacon Capital Partners Vice President Susann Ventzke, commented, "Working
collaboratively during the design phase with our architects, HKS, Inc., along
with a team comprised of both ownership and management of the building allowed
us to achieve outstanding results. We at Beacon are proud to have 1888
Century Park East and its management team recognized by BOMA for their
distinction."
Beacon Capital Partners LLC ("Beacon") is a Boston-based real estate
investment firm with a regional office in Los Angeles. Beacon and its
predecessor companies have been actively involved in the real estate business
since 1946, and have an established reputation as a high-quality property
owner, operator, and developer of urban office and mixed-use projects across
the U.S. Beacon was formed in January 1998, following the merger of the
predecessor public company, Beacon Properties Corporation, with Equity Office
Properties Trust. Beacon manages approximately $2.5 billion of aggregate
equity capital from various endowments, foundations and pension funds. The
Company's recent Fund, Beacon Capital Strategic Partners III, closed in June
2004 with $1 billion of equity commitments, making it the largest office-
focused private equity fund in the U.S.
In Southern California, CarrAmerica owns, directly or through joint
ventures, interests in 60 office buildings containing approximately 4.1
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 298 operating office properties, totaling approximately 27.6
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.
SOURCE CarrAmerica Realty Corporation
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