What Carr Properties does

Carr Properties (operating as Carr) is a privately held real estate investment trust that develops, owns, and manages trophy Class A office and luxury residential properties across three US metropolitan markets: Washington DC, Boston, and Austin. Founded in 1994 and headquartered at The Hub in Washington DC, the firm operates a portfolio of approximately 4.7 million square feet of commercial office space and a growing residential pipeline, anchored by trophy assets including One Congress (1,006,500 SF in Boston, LEED Platinum), Midtown Center (869,000 SF in DC, LEED Gold), The Wilson (348,000 SF in Bethesda, LEED Gold), and Signal House (225,000 SF in the Union Market District). Major institutional tenants include State Street (510,000 SF), InterSystems (420,000 SF), Sullivan & Cromwell, K&L Gates, ArentFox Schiff, Fannie Mae, TikTok, and FTI Consulting. The firm employs 101–250 people and operates four integrated capabilities—Development, Investments, Leasing, and Property Management—unified under the "Carr Experience" hospitality-driven service framework.

The platform is built around differentiated smart-building technology, including portfolio-wide IoT indoor air quality monitoring via a Senseware integration (making Carr the first commercial real estate owner to make this portfolio-wide commitment), MERV-13/15 filtration, UV-C air treatment, building automation recognized with Realcomm "Best Use of Automation" Digie Awards (2020, 2021) and "Most Intelligent Office Portfolio" (2023), Digital Twin/AR visualization tools, and on-site renewable energy (130 kW rooftop solar at Columbia Center with 500+ kW in the pipeline). Carr's revenue model is anchored by long-term multi-year office leases with enterprise tenants (subscription/recurring), supplemented by residential rental income, ground-floor retail leases with curated food & beverage operators, flexible WaveOffice spec suites on short-term license agreements, and value capture from development and repositioning joint ventures with institutional capital partners including Northwestern Mutual, National Real Estate Advisors, HYM Investment Group, and Manifold Development. Following a July 2025 strategic ownership transition, Carr operates as a controlled portfolio company of Alony Hetz Properties & Investments (TASE:ALHE) and Clal Insurance Enterprises Holdings (TASE:CLIS), which had previously made a $300 million strategic investment in January 2018.

Name

Carr Properties

Legal name

Carr Properties

Website

https://carrprop.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Carr Properties is a privately held REIT that develops, owns, and manages trophy office and luxury residential properties across Washington DC, Boston, and Austin, serving Fortune 500 enterprises, global law firms, and government agencies through a hospitality-driven, technology-enabled platform.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119), Rental and Leasing Services (532)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Investment Trusts (6798)

akta.pro primary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Commercial real estate
• Office property leasing
• Luxury residential development
• Trophy asset investment
• Property management services

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Office Rental Income: Long-term (multi-year, e.g., 10-year renewals such as Sullivan & Cromwell at 1700 New York) office leases to anchor tenants including Fortune 500 financial firms, global law firms, government agencies, and technology companies; primary recurring revenue stream.
2. Residential Rental Income: Rental income from luxury multifamily residential properties (3033 Wilson, Margot, 2121 Virginia, The Elm) including designated affordable housing units; recurring monthly revenue.
3. Development and Redevelopment Gains: Value creation through development and repositioning of trophy assets (One Congress, Midtown Center, The Wilson, The Elm, Signal House); joint ventures with capital partners (Northwestern Mutual, National Real Estate Advisors, HYM, Manifold Development) provide equity and construction financing.
4. WaveOffice Flexible Suites Revenue: Short-term license agreement revenue (as short as one year) from move-in ready WaveOffice spec suites ranging 2,000–4,000 SF targeted at growth-stage and SMB tenants seeking flexibility.
5. Ground-Floor Retail Rental Income: Rental income from curated retail and food & beverage tenants (Tatte Bakery, For Five Coffee, Isla, Goodlove, Grazie Nonna, BAR IVY, Chicken + Whiskey, STARR Restaurant Group, Starbucks, MedStar Health) at office and mixed-use properties.
6. Property Management and Amenity Services: Hospitality-driven property management services, on-site amenity partnerships (Eden Health clinic at The Hub), and managed services including concierge and curated experiences across the owned portfolio.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Carr Properties is a privately held real estate investment trust that develops, owns, and manages premium trophy-class office and luxury multifamily residential properties across Washington DC, Boston, and Austin. It leases office space to enterprise tenants (Fortune 500 firms, global law firms, government agencies, technology companies) and offers luxury residential rentals, supported by in-house leasing, property management, and development capabilities. Its portfolio includes flagship assets such as One Congress (Boston), Midtown Center (DC), and The Wilson (Bethesda), along with a flexible office suite brand called WaveOffice.

Product overview

Carr Properties is a privately held real estate investment trust that operates a unified portfolio-plus-capabilities platform focused on developing, owning, and managing premium office and residential properties across Washington, DC, Boston, and Austin. The platform is anchored by a portfolio of trophy office properties (including flagship assets Midtown Center, One Congress, The Wilson, Signal House, and The Hub), a growing residential portfolio (including Margot, 3033 Wilson, 2121 Virginia, and The Elm), and the WaveOffice flexible office suites brand. These named properties are unified under the Carr Experience service framework, which delivers Distinguished Hospitality, Thoughtful Design, and Engaging Moments. The platform integrates four core capabilities—Development, Investments, Leasing, and Property Management—working together to create, acquire, lease, and manage places that are More Than An Address. The 2023 brand refresh from Carr Properties to Carr simplified the identity while retaining established names for trophy assets, and the 2025 ownership transition with Alony Hetz and Clal Insurance positioned the firm for continued expansion.

Differentiator

Problem solved

Functional benefit

Brands

• WaveOffice: Carr-owned flexible / move-in-ready office suites brand offering short-term license agreements for premium office space at Carr Properties buildings.
• Carr Cares

Products and services

• Midtown Center An 869,000-square-foot trophy office building in downtown Washington, DC, featuring close to 50,000 SF of street retail, an activated public plaza, dynamic retail promenade, and LEED Gold certification. Leased to anchor enterprise tenants.
• One Congress A 1,006,500-square-foot trophy office tower in Bulfinch Crossing, downtown Boston, delivered 100% pre-leased in 2023. LEED Platinum certified with full-floor amenity center, fitness center, customer lounges, marketplace by Stephen Starr, cocktail bar, and 15,000 SF outdoor terrace. Anchor tenants include State Street (510,000 SF) and InterSystems (420,000 SF).
• The Wilson A 348,000-square-foot landmark Class A office development in Bethesda, MD, featuring glass curtainwall facades, 25,000 SF of green spaces, parking for 750 cars, public bike storage for 650 bicycles, transit plaza, and state-of-the-art building systems. Anchor tenants include ProShares, Walker & Dunlop, and Fox 5 News.
• The Hub A Class-A office building at 1615 L Street NW in Washington DC's Central Business District, housing Carr Properties' corporate headquarters. Features recently renovated amenities including a lobby bar, tech lounge, state-of-the-art fitness center, large conference center, indoor terraces, and activated rooftop terrace. Hosts Industrious flex coworking space and Eden Health on-site healthcare clinic.
• Signal House A 225,000-square-foot, 10-story trophy creative office building at 1255 Union St NE in Washington DC's Union Market District. Features a penthouse with demonstration kitchen, bar, recording studio, DJ booth, karaoke room, conference center, 10,000 SF of private terraces, and 12,500 SF of premium retail. Tenants include TikTok, NeighborWorks, and STARR Restaurant Group.
• 1700 New York A 123,099-square-foot Class A office building in Washington DC's Central Business District with views of the National Mall, Washington Monument, and White House. Features meticulously finished lobby, rooftop terrace with catering kitchen, modern fitness amenities, expansive bike facility, and underground parking. Anchor tenant Sullivan & Cromwell occupies approximately 80,000 SF.
• Barlow Building A 280,510-square-foot prestigious Class A office landmark in downtown Chevy Chase, MD, known for its premiere offering of Metro-accessible offices catering to the medical community. One block from Friendship Heights Metro with on-site retail plaza including Starbucks, MedStar Health Urgent Care, and Brookville Pharmacy.
• Block 16 A planned 43-story premier office tower in downtown Austin, TX, offering up to 738,000 square feet with 10-foot floor-to-ceiling windows, virtually column-free workplace environment, market-leading fitness facility, multiple meeting areas, and first-class food and beverage offerings. Designed by Gensler in partnership with Manifold Development. Expected completion spring 2026.
• WaveOffice Carr Properties' move-in-ready office suites brand offering high-quality turnkey private spec suites ranging from 2,000 to 4,000 SF with flexible short-term license agreements as short as one year. Locations include WaveOffice at The Hub (1615 L St NW) and WaveOffice 2001 Penn (2001 Pennsylvania Avenue). Caters to companies seeking flexible office space with hospitality-driven service.
• 3033 Wilson (Future Residential) A future luxury multi-family residential development in Clarendon, Arlington, VA, redeveloping a former office building into an 8-story, 315-unit building with 6,000 SF of ground-floor retail. Amenities include coworking lounge, fitness center, landscaped courtyard, pool deck, clubroom, and below-grade parking. Targeting LEED Gold certification with anticipated completion August 2027.
• Margot (425 Montgomery) A future 250,000-square-foot residential apartment property with 237 units in Alexandria, VA, redeveloping a vacant office building. Standing eight stories tall with studio to three-bedroom units, outdoor pool, resident lounge/amenity center, and below-grade parking. Designed to achieve LEED Silver certification. Ground floor retail includes For Five Coffee, Grazie Nonna, and a performing arts venue.
• 2121 Virginia A future campus-adjacent luxury multifamily community in Foggy Bottom, Washington DC, redeveloping a former office building into approximately 300 residences including 30 designated affordable units. Amenities include rooftop pool with Washington Monument views, state-of-the-art fitness center, lounge, and on-site parking. Located steps from George Washington University and the State Department.

Named customers26 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Scale indicators12 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Boston Properties: Publicly traded office REIT (BXP) operating trophy and Class A office in Boston, New York, San Francisco, Los Angeles, and Washington DC. The most direct comp given overlap in Carr's core Boston and DC trophy markets, similar enterprise tenant focus, and comparable scale.
• Vornado Realty Trust: Trophy office REIT (VNO) concentrated in New York City and the Washington DC CBD. Highly comparable given Vornado's trophy office strategy in DC, similar enterprise tenant base (law firms, financial services), and overlapping DC submarkets with Carr's Midtown Center and 1700 New York.
• JBG SMITH Properties: DC-metro focused mixed-use REIT (JBGS) with significant office, multifamily, and mixed-use assets. Strongest geographic overlap with Carr's DC-area core portfolio, and a meaningful comp for Carr's office-to-residential repositioning strategy in the same submarkets.
• SL Green Realty: NYC-focused office REIT (SLG) operating trophy and Class A office in Manhattan. Comparable trophy asset focus, similar enterprise tenant base, and an analog for how a trophy office specialist manages a high-debt, high-refinancing portfolio in a challenging office market.
• Shorenstein Properties: Private real estate investment and operating company focused on office and mixed-use in select major U.S. markets. Closely comparable in private REIT structure, trophy office focus, and concentrated-market strategy, and one of the few private peers of similar scale.
• Beacon Capital Partners: Private real estate investment firm focused exclusively on trophy office in select U.S. gateway markets. Comparable private structure, institutional capital base, trophy asset focus, and tenant base of large enterprise and professional services firms.

Regional players

• Cousins Properties: Office REIT (CUZ) focused on trophy and Class A office in Sun Belt markets including Austin, Dallas, Atlanta, and Charlotte. Most relevant comp for Carr's Austin market entry and Sun Belt expansion thesis, though Cousins does not operate in Carr's DC/Boston core markets.
• Highwoods Properties: Office REIT (HIW) operating Best-in-Class office properties in high-growth Sun Belt markets. Relevant comp for Carr's Austin expansion and Sun Belt trophy strategy, though Highwoods' markets (Atlanta, Nashville, Raleigh, Tampa) do not overlap directly with Carr's DC/Boston core.

Broad incumbents

• Tishman Speyer: Global real estate owner, developer, and operator of trophy office, life sciences, and residential. Comparable in scale and trophy development capabilities (e.g., Rockefeller Center), but operates much more broadly than Carr and across multiple asset classes and geographies.
• Brookfield Property Partners: Global real estate operator and investor with significant trophy office exposure including Manhattan, London, and other gateway cities. Comparable in scale and trophy office focus but operates as part of a much larger, diversified real estate and alternatives platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Carr-Properties-934668323383318
• LinkedInlinkedin.com/company/carr-properties
• Instagraminstagram.com/carrprop
• Xx.com/carrproperties

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carr Properties