CarrAmerica Buys out JV Partner at 1717 Pennsylvania Avenue in Washington, D.C.

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.

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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. 

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DATASOURCE: CarrAmerica Realty Corporation



CONTACT:  Maureen Wheeler of CarrAmerica Realty Corporation,

[phone]



Web site:  http://www.carramerica.com/

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