CRE Care Investment Trust Inc. Common Stock

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. (Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO ) 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. http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO http://photoarchive.ap.org/ DATASOURCE: CarrAmerica Realty Corporation CONTACT: Maureen Wheeler of CarrAmerica Realty Corporation, +1-202-729-1756 Web site: http://www.carramerica.com/

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