According to a press release issued this morning, the Washington, DC-based CarrAmerica will hand over the 178,000-sf Quorum Place at 14901 Quorum Dr., 162,155-sf 5000 Quorum Dr., both in Dallas, and 116,000-sf Quorum North at 15301 Spectrum Dr. in Addison before the year ends. The class B package came to market in late spring. At that time, company officials had stressed the gain would roll back into Dallas-area projects.
CarrAmerica says it will take an additional $1.8-million impairment this quarter due to the transaction. Its earlier projection was a $4-million hit related to the sale of two Quorum buildings. The additional charge will drive a three-cent per share decrease in fourth-quarter diluted earnings and diluted funds from operation, according to the release. Additional details about the upcoming closing could not be obtained by publication time. The Holliday Fenoglio Fowler LP team of Jeffrey Stone and Andrew Levy is handling the sale.
After the quartet is sold, CarrAmerica will own 467,000 sf of class A office buildings and two million sf in joint ventures in the Dallas area. Meanwhile, it's been courting tenants for a new high rise that it wants to build with Rosewood Corp. on the "puppy nose" tract across from the Crescent in Uptown and another one along the Dallas North Tollway.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.