Market Overview

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

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Maryland Governor Larry Hogan Joined Carr Properties in
Groundbreaking Ceremony

Yesterday Carr Properties and Clark Construction Group, together
with Maryland Governor Larry Hogan, representatives from Montgomery
County, Insight Development, and other project team members, joined
together at a ceremonial groundbreaking for Carr's 7272 Wisconsin Avenue
project, a 937,000 square foot mixed-use development project that will
include office, retail and residential space. The well-attended event
included distinguished guests from the Maryland Transit Administration;
Montgomery County government; the project architect, Shalom Baranes
Associates; Carr's residential development partner, Insight Property
Group; local media and others.

Carr Properties was also joined by WTTG- Fox 5 News, a future tenant of
the project, who will be moving their headquarters from Washington, D.C.
to Bethesda, MD. "We're excited Fox 5 News could join us for this
momentous event, and we are thrilled to have them as a customer. Their
relocation to our project is a great show of support for our project and
for the dynamic Bethesda market," said Oliver Carr, III, CEO of Carr
Properties.

Carr has branded the office portion of the project as "The Wilson" and
the residential portion as "The Elm". The Wilson and The Elm will sit
atop the future Bethesda Purple Line Station, a new entrance to Metro's
Red Line station, and a newly constructed tunnel for the Capital
Crescent Trail. These transportation amenities will collectively make
this location the best transportation hub in Montgomery County. 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, including
approximately 360,000 SF office building with ground floor retail, two
residential towers housing 456 units, and a shared above and below-grade
parking facility.

More information about The Wilson and The Elm can be found on our
website http://www.carrprop.com/properties/7272-wisconsin/.

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 square
feet as well as three major development properties that include: The
Wilson and 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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