CarrAmerica Acquires Sherry Lane Place in Dallas, Texas
WASHINGTON, April 12 -- CarrAmerica Realty
Corporation (NYSE: CRE) and institutional investors advised by JPMorgan
Asset Management - Real Estate, today announced the acquisition of Sherry
Lane Place, a 286,426 square foot, 20-story, Class A office tower in the
Preston Center submarket of Dallas. CarrAmerica will have a 20% ownership
position in the project. Post-closing, the seller, an affiliate of
Cottonwood Partners, will maintain a minority interest in the new entity.
CarrAmerica Managing Director for Dallas, Jeff Pace, commented, "Sherry
Lane Place is one of the finest office buildings in the desirable Preston
Center submarket." Mr. Pace continued, "This submarket is highly
constrained due to the lack of existing building sites and is extremely
convenient to nearby high-end residential neighborhoods and an abundance of
urban amenities."
Completed in 1983, Sherry Lane Place is located at 5956 Sherry Lane,
just east of the Dallas North Tollway and a few blocks south of the
Northwest Highway. The project has excellent access and visibility and is
85% leased to tenants including the Bank of Texas, Abby Office Centers, the
Park City Club and Morgan Keegan.
In Dallas, Texas, CarrAmerica owns, directly or through joint ventures,
and/or manages 18 office buildings containing approximately 2.7 million
square feet.
JPMorgan Asset Management is a global asset management leader providing
world-class investment solutions to institutions, individuals and financial
intermediaries. The firm is responsible for close to $791 billion in assets
under management, including more than $36 billion in real estate managed by
JPMorgan Asset Management - Real Estate, as of December 31, 2005. With over
35 years of successful investing and a staff of more than 180 real estate
professionals, JPMorgan Asset Management - Real Estate identifies,
analyzes, negotiates, acquires, develops, redevelops, renovates, operates,
maintains, finances and sells commercial properties, on behalf of our
clients. JPMorgan's broad investment capabilities and framework for
analyzing opportunities in today's complex real estate markets provide
critical insights for its institutional clients in both the public and
private markets. Real estate research at JPMorgan draws on the work of
economists, capital markets researchers, equity analysts, and fixed income
specialists to closely monitor and control risk to achieve optimal
risk-adjusted returns.
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 285 operating office properties, totaling approximately 26.3
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 CarrAmerica; 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 CarrAmerica's 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, CarrAmerica's ability to
consummate any planned dispositions in a timely manner and on acceptable
terms, CarrAmerica's ability to successfully reinvest the proceeds from
dispositions in other properties or markets with improved returns,
CarrAmerica's ability to complete development projects on time and within
budget and CarrAmerica's 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 CarrAmerica's
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
Web Site: http://www.carramerica.com
