WASHINGTON, Nov. 1 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) and Beacon Capital Partners, LLC today announced that
Universal Music Group -- a unit of Vivendi Universal, a global media and
communications company -- has signed a 200,000 square foot lease at 10
Universal City Plaza in Universal City, California. Universal Music Group is
expanding and extending its existing lease at the 772,000 square foot, 35-
story, Class A office tower.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Senior Vice President of Leasing, Andy Fishburn, commented,
"Accommodating Universal Music Group's expansion needs has been a high
priority for us, and we're delighted about their further commitment to 10
Universal City Plaza." Mr. Fishburn added, "We've enjoyed an excellent
relationship with this strong-credit, global entertainment company and look
forward to continuing our relationship with them."
Beacon Capital Partners Vice President, Susann Ventzke, commented, "We are
extremely happy to have been able to accommodate Universal Music's growth at
10 Universal City Plaza. We believe that this building is one of the finest
assets in the Los Angeles entertainment arena which attracts a very strong
roster of impressive tenants such as Universal Music Group."
Owned by a joint venture between CarrAmerica and Beacon Capital Partners,
10 Universal City Plaza is 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 most 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 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 our web site at http://www.carramerica.com.
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, photodesk@prnewswire.com
CONTACT:
Maureen Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, or maureen.wheeler@carramerica.com
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