Tishman Speyer Properties Leases Northern Virginia Office Campus To Computer Associates

- Transaction is Largest Office Lease in Northern Virginia in 1997 -



    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

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.