CarrAmerica Goes to Work on Terrell Place Complex

WASHINGTON, DC-Construction has begun on CarrAmerica Urban Development’s Terrell Place office and retail complex. The REIT has yet to disclose the estimated cost of the project, which is scheduled for a summer 2003 delivery. Located in the District’s downtown business area, Terrell Place will house 439,000 sf of office space and 39,000 sf of retail space. A law firm has already signed on to lease more than 240,000 sf.

Architects are designing the complex as three connected components–the former Hecht’s facility, a new nine-story building and an additional 11-story structure. “With its unique historic facades complemented by striking new architecture and its singular history, Terrell Place will add new life and spirit to the southeast corner of the prominent Seventh and F Street intersection,” says CarrAmerica Urban Development President Robert O. Carr. Eventually, the complex will also feature three residential condominium buildings. CarrAmerica Urban Development–a subsidiary of CarrAmerica Realty Corp.–and JPMorgan Fleming Asset Mangement are partners in the project.