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ALEXANDRIA, VA-Madison Place, a 109,000-sf office structure at 500 Montgomery St., has been snapped up by Carr Capital Corp. in a recent $20 million deal with seller Madison Place Corp. Located on nearly one acre in the popular Old Town Alexandria area, Madison Place shares a courtyard with a Marriott Suites Hotel. The office structure is an eight-story, class A building that has held its prominent location since 1989. It has a 2003 assessed value of $19 million. The property last hit the market in 1997 when Retired Persons Services Inc. sold it for $18 million.

At the time that real estate services firm CB Richard Ellis began marketing the property in April, Madison Place was 60% leased. The diverse tenant roster includes the Association of Clinical Research Professionals, financial management solutions provider Intuit Inc., and multi-media developer Redmon Group Inc. Carr Capital represented itself in the transaction and has tapped Trammel Crow Co. to manage the property and handle its leasing activity.

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