Market Overview

Carr Properties to Break Ground at the Future Site of The Wilson and The Elm

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Maryland Governor Larry Hogan to Join Carr Properties and Clark
Construction for Groundbreaking

Governor Hogan will join Carr Properties and Clark Construction
Group for the formal groundbreaking at 7272 Wisconsin Avenue on August
9, 2018, at 10:00 a.m. Situated in the heart of Bethesda at the prime
intersection of Wisconsin Avenue and Elm Street, 7272 Wisconsin is the
future home of The Wilson and The Elm, a mixed-use development project
that will include office, retail and residential space. The property
will sit atop Metro's Bethesda Red Line, the future Bethesda Purple Line
Light Rail Station and the Capital Crescent Trail - a first class
shared-use trail, which will collectively make this location the best
transportation hub in Montgomery County. Other attendees will include
Montgomery County Officials; the project architect, Shalom Baranes
Associates; Carr's residential development partner, Insight Property
Group; local media and other distinguished guests.

"We are honored to have Governor Hogan joining us to mark this
monumental milestone. Our development team at Carr Properties, along
with our construction partner Clark Construction, are thrilled to have
the opportunity to play an integral role in the future of Bethesda,"
said Oliver Carr, III, CEO of Carr Properties.

Once completed, The Wilson and The Elm will be one of the most prominent
developments in Montgomery County, Maryland. It contemplates an
impressive total density of approximately 937,000 SF, made up of an
office building with ground floor retail, two residential towers housing
456 units, and a shared above and below-grade parking facility.

Towering 295 feet from its base the project will accommodate a 23-story
office building, totaling approximately 360,000 SF fronting Wisconsin
Avenue, and two residential towers totaling approximately 560,000 SF. A
structured parking deck that includes over 750 parking spaces will
service the entire project. The new buildings will feature some of the
highest-quality construction in Bethesda, including glass curtainwall
facades, enhanced outdoor public and private spaces, first-class
amenities and state-of-the-art building systems.

Following a first-stage entitlement approval in early 2016, construction
is underway and slated for completion in Q3 2020 for The Wilson and
first half of 2021 for The Elm.

Media interested in attending the event should contact Emily York at
703-850-1785 or eyork@carrprop.com.

About Carr Properties

Carr Properties is a privately held real estate investment trust focused
on creating value for its shareholders through the ownership,
acquisition, and development of high-quality office properties in the
greater Washington area. The company currently owns a portfolio of 17
commercial office properties totaling approximately 4.6 million SF as
well as three major development properties that include: The Wilson and
The Elm Development in Bethesda, MD; Signal House N.E. Washington, DC
20002; and 2025 Clarendon Boulevard in Arlington, Virginia. Upon
completion, these projects will add 1.2 million SF of trophy-quality
office space to the company's portfolio. The company is continuing to
expand its portfolio through strategic investments in the Washington,
D.C. area.

About Clark Construction Group

Headquartered in Bethesda, MD and American-owned and operated since
1906, Clark Construction Group is one of the most experienced and
respected building and civil construction firms in the United States.
For over a century, Clark has been transforming the ideas and visions of
clients into award-winning projects. The firm's portfolio features
projects of all sizes and levels of complexity – from intricate interior
renovations to some of the most complex civil operations in the country.
To learn more, visit www.clarkconstruction.com.

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