WASHINGTON, Dec. 26 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has acquired 18911 and 19015
North Creek Plaza in Bothell, Washington.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica paid approximately $45.5 million for the Class A office/R&D,
193,454 square-foot property, which is 93% committed. 18911 and 19015 North
Creek Plaza are expected to provide a year one GAAP return of 6% and a
stabilized GAAP return of 7.2%.
CarrAmerica Managing Director for Seattle, Clete Casper, commented, "We're
very pleased to purchase this superior-quality property that has a reputation
as the best Class A project in the Bothell submarket." Since June 2005,
CarrAmerica has purchased two additional properties in Seattle's Eastside:
North Creek Corporate Center and West Willows Technology Center. Mr. Casper
added, "This acquisition is strategically located adjacent to our North Creek
Corporate Center property and is consistent with our plan to grow in the
Eastside."
Completed in 1990, the two, three-story buildings are located just east of
Highway 405, which is the main north-south freeway on the Eastside. The
project has excellent access and visibility. 18911 contains 97,254 square
feet and 19015 contains 96,200 square feet. Allstate leases 47% of the
project through 2015. Other major tenants include Siemens Communications and
SNC/Lavalin, which will occupy the project in April 2006.
The listing brokers in this transaction were Bill Fausone and Kevin Gazley
of Colliers B&K of Chicago.
In Seattle's Eastside, CarrAmerica now owns 37 office and R&D buildings
containing approximately 1.9 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 companies by meeting the 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 294 operating office
properties, totaling approximately 27 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.
Estimates of Diluted FFO and earnings per share and certain other
statements in this release, including management's expectations about, among
other things, operating performance and financial conditions, 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 space, the extent, strength and duration of any economic
recovery, including the effect on demand for office space and the creation of
new office development, availability and creditworthiness of tenants, the
level of lease rents, and the availability of financing for both tenants and
us; adverse changes in real estate markets, including, among other things, the
extent of tenant bankruptcies, financial difficulties and defaults, the extent
of future demand for office space in our core markets and barriers to entry
into markets which we may seek to enter in the future, the extent of the
decreases in rental rates, our ability to identify and consummate attractive
acquisitions on favorable terms, our ability to consummate any planned
dispositions in a timely manner and on acceptable terms, our ability to
successfully reinvest the proceeds from dispositions in other properties or
markets with improved returns, our ability to complete development projects on
time and within budget and our ability to stabilize such projects, and changes
in operating costs, including real estate taxes, utilities, insurance and
security costs; actions, strategies and performance of affiliates that we may
not control or companies in which we have made investments; ability to obtain
insurance at a reasonable cost; ability to maintain our status as a REIT for
federal and state income tax purposes; ability to raise capital; effect of any
terrorist activity or other heightened geopolitical crisis; 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 or Form 10-K.
SOURCE CarrAmerica Realty Corporation
 back to top
Related links:
http://www.carramerica.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Maureen Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756, maureen.wheeler@carramerica.com
|
