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CarrAmerica and Douglas Development Announce Major Prelease
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01/16/2005
WASHINGTON, -- CarrAmerica Realty Corporation (NYSE: CRE) and Douglas Development Corporation today announced that the national law firm of Alston & Bird LLP has signed a 118,849 square foot lease for approximately half of the office space in The Atlantic Building. Located at the southeast corner of Tenth and F Streets, NW, bordering the historic Ford's Theatre, The Atlantic Building, upon its completion in 2006, will be a ten-story, 290,000 square foot, trophy-quality office and retail project that combines historic preservation and new construction. CarrAmerica Urban Development, LLC, a CarrAmerica subsidiary, is developing the project for Douglas Development, the property owner.<p> CarrAmerica Managing Director for Metropolitan Washington, D.C., John Donovan, said, "We are delighted that Alston & Bird has chosen The Atlantic Building for its new D.C. office location. The firm is playing a pivotal role in bringing this exciting project to fruition." Mr. Donovan added, "We're pleased to have the opportunity to add this wonderful building to the vibrant, historic F Street corridor."<P>Douglas Development Corporation President, Douglas Jemal, stated, "I enthusiastically welcome Alston & Bird to The Atlantic Building, which will be one of the finest buildings in downtown Washington, D.C. and another key piece in the rebirth of F Street."<p>Partner-in-charge of the Washington, D.C. Alston & Bird office, Rusty Conner, said, "Our firm is very pleased to be entering into this relationship with CarrAmerica and Douglas Development and to be part of revitalizing this area of town. This is a reflection of our firm's commitment to significantly enhancing our presence in the nation's capital."<P>In addition to providing development management services for The Atlantic Building, CarrAmerica, through its service affiliates, is providing leasing and property management services. CarrAmerica is providing mezzanine financing for the project.<p> The Atlantic Building will be comprised of the integration of: four restored historic facades located mid-block on F Street, including that of the original, circa-1897 Atlantic Building; three restored historic townhouses at the corner of Tenth and F Streets; and a new, state-of-the-art office building that will rise behind and above these historic structures. Construction of the project is expected to begin in January 2004 and to be completed in January 2006.<p>Alston & Bird was represented in this transaction by Audrey Z. Cramer and Michael B. Katcher of Cushman & Wakefield of Washington, D.C. Phillip Thomas and William Barroll of Carr Real Estate Services, Inc. represented the owner. <p>Alston & Bird is a major U.S. law firm with an extensive national and international practice. Founded in 1893, the firm has 700 attorneys with offices in five major markets. Alston & Bird offers services in virtually every practice area with particular emphasis on litigation, intellectual property and technology, corporate transactions, and tax and is consistently ranked among the best firms in the country on a broad range of surveys. The firm is proud to be ranked third on Fortune(R) magazine's 2003 list of the "The 100 Best Companies to Work For"(TM) --the first and only law firm ever named to the top five.<p> Douglas Jemal, the founder of Douglas Development, has played an important part in the resurgence in economic growth in many areas of the city, notably Shepard Park, the Howard University area and NoMa (north of Massachusetts Avenue), and the redevelopment of the Historic People's Warehouse and many other historic districts. Douglas is currently focused on the redevelopment of the F Street corridor, with many prominent properti es such as the Woodward & Lothrop Building; the American Institute of Architects Catalyst Award- winning LeDroit and Atlas buildings at 800 F Street, home to the International Spy Museum; and Jemal's Lofts, 62 residential loft units to be located at 912 F Street. For more information, please visit http://www.douglasdevelopment.com.<p> 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 297 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.
