CarrAmerica Buys out JV Partner at 1717 Pennsylvania Avenue in Washington, D.C.
October 27 2003 - 12:41PM
PR Newswire (US)
CarrAmerica Buys out JV Partner at 1717 Pennsylvania Avenue in
Washington, D.C. Property Is Now 100% Owned by CarrAmerica
WASHINGTON, Oct. 27 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation has purchased its joint venture partner's 50% interest
in 1717 Pennsylvania Avenue, which increases CarrAmerica's
ownership in the property to 100%. The seller is The Strategic
Property Fund, a discretionary commingled real estate fund advised
by JPMorgan Investment Management Inc. (JPMIM). CarrAmerica paid
$34 million, including the assumption of approximately $12 million
in existing mortgage debt, for JPMIM's interest in the building.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Managing Director for Metropolitan Washington, D.C.,
John Donovan, commented, "This acquisition allows us to increase
our ownership in a high-quality asset in one of our target markets
for investment." Mr. Donovan added, "Downtown Washington, D.C.
remains one of the strongest markets in the country, with a vacancy
rate of 6.2% at the end of the second quarter 2003." Peter J.
Nicoletti, Director of Asset Sales for JPMIM, commented, "1717
Pennsylvania Avenue turned out to be an excellent investment for
our pension fund clients. The JPMIM business relationship with
CarrAmerica has a long history, and we look forward to continuing
it in the future." Located in the Central Business District of
Washington, D.C. on the first block west of the White House, 1717
Pennsylvania Avenue is a 13-story, 184,446 square foot, Class-A
office building. Originally built in 1960, the property was
purchased in 1995 by a 50/50 joint venture comprised of CarrAmerica
and JPMIM. The building was completely redeveloped and reopened in
1996. It is 100% leased to 14 tenants. Situated one block west of
the White House, 1717 Pennsylvania Avenue's upper floors have
direct White House views. In addition, floor-to-ceiling windows on
Pennsylvania Avenue afford views of the Avenue and the Old
Executive Office Building. The property is proximate to both the
Farragut West and Farragut North Metrorail stations, as well as
many high-quality restaurants and retail amenities. In downtown
Washington, D.C., CarrAmerica owns, directly or through joint
ventures, interests in 14 office buildings containing approximately
3.3 million square feet. CarrAmerica is the predominant landlord in
the 1700 block of Pennsylvania Avenue, with interests in 1717,
1730, 1747 and 1775 Pennsylvania Avenue. 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 and has an office building under development in
Washington, D.C. CarrAmerica's markets include Atlanta, 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 FFO per share are by
definition, and 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), 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. http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
http://photoarchive.ap.org/ DATASOURCE: CarrAmerica Realty
Corporation CONTACT: Maureen Wheeler of CarrAmerica Realty
Corporation, +1-202-729-1756 Web site: http://www.carramerica.com/
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