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Carr Properties Announces Appointment of Weston Andress as Senior Vice President and Chief Financial Officer

In this role, Mr. Andress will be responsible for all finance and capital markets matters for Carr Properties.

"Weston brings a wealth of over 24 years of experience in real estate finance. We are very fortunate to have him join our team," said Carr Properties' President and Chief Executive Officer, Oliver T. Carr, III.

Mr. Andress served as Chief Financial and Chief Investment Officer, then President and Trustee of Colonial Properties Trust from April 2004-2008. While at Colonial, Mr. Andress led the company's sales and acquisition program to transition from a diversified REIT with a large percentage of its assets in shopping centers and suburban office to a multi-family focused company with assets distributed across the Sunbelt. This transformation included managing a $1.6 billion merger with Cornerstone Realty Income Trust and arranging a joint venture for commercial assets with DRA Advisors. Prior to Colonial, Mr. Andress was Managing Director of the Corporate and Investment Banking Department of Bank of America. During his fifteen year tenure with the bank, Mr. Andress worked directly with several of the largest public and private real estate companies in the United States delivering investment banking services, including equity placement, debt underwriting and merger and acquisition consultation. Before joining Bank of America, Mr. Andress was Vice President in the Real Estate Capital Markets Group of Salomon Brothers in New York.

Mr. Andress graduated with honors from the University of the South with a Bachelor of Arts in Political Science and holds a Master of Business Administration from the University of North Carolina at Chapel Hill.

About Carr Properties

Carr Properties is a privately held Real Estate Investment Trust that focuses on the acquisition, development, renovation, repositioning, ownership, management and operation of commercial properties located predominantly in the Greater Washington, D.C. area. The Company currently owns or has interests in a portfolio of 25 commercial office properties containing an aggregate of over 3.6 million net rentable square feet. The Company is the successor entity to Columbia Equity Trust, a NYSE listed REIT which was acquired by the Special Situation Property Fund of JP Morgan Asset Management in March 2007. For additional information please visit our website at http://www.carrprop.com.

Carr Properties
Dominique Daschle, 202-303-3069