Exhibit 99.1

Immediate        Karen Widmayer:  Media Contact
                 (202) 729-1789
                 Stephen Walsh:  Analyst Contact
                 (202) 729-1764


      CARRAMERICA ANNOUNCES REPURCHASE OF SHARES FROM SECURITY CAPITAL GROUP


           Washington D.C. - November 16, 2001 - CarrAmerica Realty Corporation
      (NYSE:CRE) today announced that it has entered into an agreement to
      purchase 9.2 million shares of its common stock from Security Capital
      Group, Incorporated (NYSE:SCZ) for a total of $265.4 million or $28.85 per
      share. The transaction will close on Monday, November 19, 2001 and will
      reduce Security Capital's ownership in CarrAmerica to approximately 37.4%
      of the company's outstanding common stock and to approximately 33.5% on a
      fully diluted basis.

           Security Capital has also requested that the Company file a
      registration statement with the Securities and Exchange Commission
      relating to the resale of the remaining shares owned by Security Capital.
      This registration statement would permit Security Capital to sell the
      remainder of its shares not being purchased by CarrAmerica in private
      transactions or one or more secondary offerings to occur at some point in
      the future, if market conditions permit. Security Capital is under no
      legal obligation to sell any additional shares beyond the initial 9.2
      million shares described above, through a public offering or otherwise.

           The stock purchase will be completed utilizing the Company's existing
      $500 million line of credit and will increase the Company's debt to market
      capitalization to 39.7%. The Company expects to refinance in the near
      future a significant portion of the amount that will be outstanding under
      the line of credit subsequent to the stock repurchase.

           As a result of this transaction, the Company is raising its 2002
      earnings guidance for FFO per share from the previously disclosed range of
      $3.48 - $3.54 to a range of $3.58 - $3.62. The revised guidance is based
      on the acceleration and increase in the stock repurchase program from
      previously disclosed levels as well as the acceleration and increase in
      borrowings and an assumed acceleration of the conversion of floating rate
      debt to longer term fixed rate debt.


                                  -CONTINUED-


CarrAmerica Release of November 16, 2001
Page Two


     CarrAmerica owns, develops and operates office properties in 12 markets
throughout the United States. The Company is committed to becoming America's
leading office workplace company by meeting the rapidly changing needs of its
customers with superior service, a large portfolio of quality office properties,
extraordinary development capabilities and land positions.  CarrAmerica is a
leading office innovator with interests in and strategic relationships with
companies including:  HQ Global Workplaces, a global leader in executive office
suites; essention, the engine behind InfoCentre, a web-based operations and
issues management platform and DukeSolutions, a Duke Energy subsidiary providing
comprehensive energy management programs.

     Currently, CarrAmerica and its affiliates own, directly or through joint
ventures, interests in a portfolio of 288 operating office properties and have
eight office buildings under development in six key growth markets.
CarrAmerica's markets include Atlanta, Austin, Chicago, Dallas, Denver, Los
Angeles/Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay
Area, Seattle and metropolitan Washington, D.C.  For additional information
on CarrAmerica, including space availability, visit our web site at
www.carramerica.com.
-------------------

     Estimates of FFO per share are by definition, and certain statements in
this release may constitute, "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, achievements or
transactions of the Company and its affiliates or industry results to be
materially different from any future results, performance, achievements or
transactions expressed or implied by such forward-looking statements. Such
factors include, among others, the following: national and local economic,
business and real estate conditions that will, among other things, affect demand
for office properties, the ability of the general economy to recover timely from
the current economic downturn, availability and creditworthiness of tenants, the
level of lease rents and the availability of financing for both tenants and the
Company, adverse changes in the real estate markets including, among other
things, competition with other companies, risks of real estate acquisition and
development (including the failure of pending acquisitions to close and pending
developments to be completed on time and within budget), actions, strategies and
performance of affiliates that the Company may not control or companies in which
the Company has made investments, governmental actions and initiatives, and
environmental/safety requirements. For a further discussion of these and other
factors that could impact the Company's future results, performance,
achievements or transactions, see the documents filed by the Company from time
to time with the Securities and Exchange Commission, and in particular the
section titled, "The Company - Risk Factors" in the Company's Annual Report of
Form 10-K.


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