CarrAmerica Senior Managing Director for Metropolitan Washington, D.C., John Donovan, said, “We are delighted that PhRMA has chosen The Atlantic Building as the association’s new headquarters location.”  Mr. Donovan added, “PhRMA’s commitment to The Atlantic Building brings leasing of the building’s office space to 80%.”  In November 2003, the national law firm Alston & Bird LLP preleased 118,849 square feet at The Atlantic Building.

“Bringing our entire Washington staff together under one roof will improve our teamwork and effectiveness,” said Ken Johnson, PhRMA Senior Vice President for Communications. “The Atlantic Building lets us realize this goal. It is a great project and we are excited to be a part of it and the continuing revitalization of downtown Washington.”

In addition to providing development management services for The Atlantic Building, CarrAmerica is providing leasing and property management services.  CarrAmerica is also providing mezzanine financing for the project

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 began in January 2004 and is expected to be completed in the first quarter of 2006.

PhRMA was represented in this transaction by Thomas M. Fulcher, Jr., Executive Vice President, and David Lipson, Executive Managing Director, both of Studley, Inc.  Phillip S. Thomas, Jr. and William S. Barroll of Carr Real Estate Services, Inc. represented the owner.

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading research-based pharmaceutical and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. The industry invested an estimated $33.2 billion in 2003 in discovering and developing new medicines. PhRMA companies are leading the way in the search for new cures.

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 properties 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.

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 294 operating office properties, totaling over 26 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.