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."
