CarrAmerica Picked to Develop Monetary Fund's HQ

WASHINGTON, DC-The International Monetary Fund has decided to build a second headquarters building adjacent to its current location at 700 19th St. here. It has enlisted CarrAmerica Urban Development LLC, a subsidiary of CarrAmerica Realty Corp., to assist in the development.

The new building will be located at 1900 Pennsylvania Ave. and Pei Cobb Freed & Partners is designing it. A Planned Unit Development application was filed May 15 and is still pending review from the DC Zoning Commission. If approved, construction would begin in late 2002. Occupation of the building is not planned until late 2005.

“We are delighted to have been selected to develop the IMF’s new headquarters facility,” comments Robert O. Carr, president of CarrAmerica Urban Development. ” We are particularly pleased to work with the IMF, an organization of such great importance to us, the global community and the city of Washington, DC. We bring to the project a great respect for the unique significance of the site and a depth of experience in working on Pennsylvania Avenue projects, both east and west of the White House.”

CarrAmerica Realty Corp. has developed such Pennsylvania Avenue projects as the International Finance Corporation 720,000 sf headquarters, the 147,000 sf Liberty Place, the 205,000 sf MCI Communications headquarters, the 546,000 sf Metropolitan Square, the 627,000 sf Willard Hotel and Office complex, the 138,000 sf 1700 Pennsylvania Ave., the 195,000 sf 1717 Pennsylvania Ave., the 217,000 sf 1730 Pennsylvania Ave. and the 133,000 sf 1747 Pennsylvania Ave.

The IMF is a cooperative international organization with 183 member countries. It works to promote international monetary cooperation and a freer system of payments as ameans of helping its member countries achieve economic growth, high levels of employment and improved living standards. The IMF provides economic and financial policy advice, financing, and technical assistance and training.