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ATLANTA-CarrAmerica Realty Corp. is exiting the metro office market after a six-year run. The Washington, DC-based firm is putting its 11 local buildings totaling 1.6 million sf on the market, to be sold either as a package deal or separately, brokers in a position to know tell

CarrAmerica entered the metro area market in 1997 with the $128-million purchase of Peterson Properties’ portfolio. Local industrial brokers familiar with CarrAmerica’s properties and independent construction industry estimators tell the replacement value today of the 11 buildings would be about $240 million. They base their estimate on today’s average hard construction cost of class A buildings at about $150 per sf.

Among CarrAmerica’s local assets are Embassy Row in Fulton County, the Midori building in Gwinnett County and Spalding Ridge. CarrAmerica is leaving the area for better-performing markets in other parts of the country, local industrial brokers in a position to know tell San Francisco, Seattle and Washington, DC are among the company’s stronger investment areas.

CarrAmerica’s nine-month financials show its local business is about 5% of its $60 million net income, brokers tell

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