08/07/2001

Buildings Who's Who - CarrAmerica Realty Corp., Washington, D.C.

“America’s leading office workplace company.”

 

The March acquisition of 1919 Pennsylvania Ave. in Washington, D.C., further cemented CarrAmerica's goal of becoming "America's leading office workplace company." The 257,000-square-foot, Class A office building occupies what CarrAmerica calls one of D.C.'s trophy locations - just four blocks west of the White House.

The publicly traded company offers management, leasing, development, and construction services to its customers through its affiliates Carr Real Estate Services Inc. and Carr-America Development Inc. in Atlanta; Austin, TX; Chicago; Dallas; Denver; Los Angeles/Orange County; Portland, OR; Salt Lake City; San Diego; the San Francisco Bay area; Seattle; and metropolitan Washington, D.C.

The organization now owns - directly or through joint ventures - interests in a portfolio of 284 operating office properties. Despite a declining trend nationwide in occupancy rates, CarrAmerica properties have maintained an average occupancy of 97 percent as of the quarter ending March 31. In the same quarter, the company as a whole generated real estate service revenue of $10.1 million, a 105-percent increase over 2000.

The firm also continues to pursue growth and development. At the end of the first quarter of 2001, CarrAmerica and its CarrAmerica Development subsidiary have approximately 452,000 square feet under development in four of the company's markets. Total development costs are expected to reach $80.1 million, of which $33.5 million has already been invested. Buildings involved in these projects are currently 74-percent leased or committed.

The company also owns a partial interest in six development projects totaling approximately 1.1 million square feet under development in five markets. Total cost of these projects is estimated at $227.3 million, with 60.6 percent of this space leased or committed.

"CarrAmerica had a solid first quarter even as the capital and real estate markets under-performed," says Thomas A. Carr, president and chief executive officer. "We look forward to an exciting and productive year."

 

 
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