TYSONS CORNER, Va., Jan. 19 /PRNewswire/ -- Tishman Speyer Properties, a
leading international real estate developer, today announced an agreement with
Computer Associates International, Inc. (NYSE: CA), a $4 billion business
software provider, to lease to Computer Associates a six-story, 235,000 square
foot build-to-suit office building at Woodland Park. The park is located on
the Dulles Access Road in Herndon and is one of Northern Virginia's premier
office park developments.
The transaction, which was completed on December 31, 1997, was the largest
commercial real estate lease in Northern Virginia in 1997.
Construction of the building will begin in the fall of 1998. The building
is the first phase of a 450,000 square foot office campus being developed by
Tishman Speyer at Woodland Park. Computer Associates plans to consolidate its
current offices in Herndon and nearby Reston.
Woodland Park in its entirety has capacity for four million square feet of
office space and related amenities. It is owned by Tishman Speyer/Travelers
Real Estate Venture, L.P., the recently-formed joint venture of Tishman Speyer
and the Travelers Insurance Company.
James A. Evans, a Senior Director of Tishman Speyer Properties, said:
"Tishman Speyer is pleased that Computer Associates will be the primary tenant
of our first major development project in Northern Virginia. The rapidly
growing concentration of high-tech companies in this area presents an
outstanding opportunity for development, and we believe that our Woodland Park
project is an excellent means to serve that market."
Woodland Park is part of Tishman Speyer's development program in Northern
Virginia, which also includes approximately 100 acres in Westfields Corporate
Center in Chantilly, Virginia, which has a total development capacity of
approximately two million square feet. Tishman Speyer plans construction of
two office buildings at Westfields for delivery by mid-1999: a five-story,
140,000 square foot building, and a six-story, 160,000 square foot building.
Tishman Speyer also plans to build a speculative 131,500 square foot
six-story office building, Northridge II, at Woodland Park. Construction of
this building, which will be a mirror image of the existing Northridge I
occupied by Sprint, will be available for occupancy in early 1999.
Computer Associates is headquartered in Islandia, New York and has
operations in over 40 countries.
Tishman Speyer Properties is one of the largest real state organizations
in the U.S. and has developed or acquired properties valued at approximately
$6 billion. Tishman Speyer's current portfolio consists of over 25 million
square feet and includes such noted properties as New York City's
Rockefeller Center. In addition to its headquarters in New York City, Tishman
Speyer maintains U.S. branch offices in Chicago, Los Angeles, San Francisco,
Miami, Northern Virginia, Stamford and Houston, and international offices in
London, Paris, Frankfurt, Berlin and Sao Paulo.
SOURCE Tishman Speyer Properties