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