Carr Properties Announces Trophy Office Development at 4500 East West Highway, Bethesda, Maryland

WASHINGTON--(BUSINESS WIRE)--Carr Properties (“Carr”) is pleased to announce that it has acquired the contract and development rights for 4500 East West Highway, a 223,000 square foot trophy office project located in the central business district of Bethesda, Maryland. 4500 East West Highway, a fully site plan approved project, is slated for construction start during the first quarter of 2012 and delivery during the first quarter of 2014. The project will be the first trophy quality ground up office development in the Bethesda market in over ten years. 4500 East West Highway will be designed to achieve LEED Gold certification and will include a trophy quality glass façade, 9 foot finished ceilings, a high quality fitness center, a roof deck and a bike storage facility. The project’s efficient 25,000 square foot floorplate will allow for flexible tenant layouts. 4500 East West Highway offers a location that is only 700 feet from the entrance to the Bethesda Metro station and offers tremendous vehicular access via East West Highway and Montgomery Avenue. Views of Upper Northwest DC, the National Cathedral and Columbia Country Club will be available from the upper floors.

About Carr Properties:

Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through new investment and development activity in the greater Washington area. The company owns and operates a portfolio of approximately $1 billion of commercial office properties in the Washington area including 24 buildings totaling 3.7 million square feet and one 123,000 square foot trophy development project at 1700 New York Avenue. Carr Properties was formed in March of 2007 as the successor entity to Columbia Equity Trust, Inc., a New York Stock Exchange listed office REIT that was acquired by a subsidiary of JP Morgan Asset Management through a merger transaction.

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