Washington, D.C.-based Carr- America Realty Corp. and the Albany, N.Y.-based New York State Teachers' Retirement System have closed a $422 million development joint venture. The venture includes: five Class-A suburban office parks in four markets totaling more than 2.5 million sq. ft. of stabilized properties; 461,000 sq. ft. of office projects under development; and land that can support 1.5 million sq. ft. of office space. The value of the venture is expected to increase to more than $675 million when the remaining land is fully developed.

The office parks in the transaction include: Parkway North Center, a 1.3 million sq. ft., six-building development in suburban Chicago; Panorama Corporate Center, a 1.11 million sq. ft., four-building campus in suburban Denver; Riata Corporate Park, a 736,000 sq. ft., seven-building development in Austin, Texas; Riata Crossing, a three-building, 451,000 sq. ft. office campus, also in Austin; and Royal Ridge, a three-building, 955,000 sq. ft. development in suburban Dallas.

Cash proceeds to CarrAmerica and its affiliates are expected to exceed $300 million. New York-based J.P. Morgan Investment Management Inc. advised New York State Teachers, while New York-based Goldman Sachs advised CarrAmerica.