10 Universal City Plaza Now 98% Leased
WASHINGTON, Oct. 18 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) and Beacon Capital Partners, LLC today announced that
CB Richard Ellis, Inc. has signed a lease for the 27th floor of 10 Universal
City Plaza in Universal City, California.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Senior Vice President of Leasing, Andy Fishburn, commented,
"We are extremely pleased that CB Richard Ellis is taking the last available
floor of 10 Universal City Plaza, bringing occupancy to 98%." Mr. Fishburn
added, "As a national real estate company, CarrAmerica has had an excellent
relationship with CB Richard Ellis for many years, and we welcome them to 10
UCP."
Beacon Capital Partners Vice President, Susann Ventzke, commented, "10
Universal City Plaza is uniquely situated within close proximity to downtown,
Glendale, Burbank and Sherman Oaks making this location an ideal choice for
CBRE's consolidation of offices in the east and central San Fernando Valley.
We are extremely pleased that they have chosen 10 UCP and heartily welcome
them to our project."
Owned by a joint venture between CarrAmerica and Beacon Capital Partners,
10 Universal City Plaza is a 774,240 square foot, 35-story, Class-A, highly-
visible property situated adjacent to the Hollywood Freeway and in close
proximity to the Ventura Freeway. Nearby amenities consist of both Sheraton
and Hilton hotels and the Universal CityWalk, a major retail destination which
includes an 18 screen theatre complex and 21 restaurants. The Universal City
Metro Rail Station, which is situated on the Red line and includes connections
to downtown and many parts of Los Angeles County, is located directly across
the street from the property.
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.
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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