Tishman Speyer Acquires 392,000 Square Foot Office Tower in Washington DC Area

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Tishman Speyer announced today that they have acquired a 19-story, 392,000-square-foot Class A office tower in Arlington, Va.  The property is located at 1300 North 17th Street in the Rosslyn-Ballston corridor, which has benefitted from the strong private sector demand and limited supply of high quality office space in the area.

The asset features a large entrance plaza, five levels of underground parking, a full service café/restaurant, and other on-site and nearby amenities.  It offers easy access to several major highways and to the District of Columbia via rail and all major bridges.  It also is convenient to the Pentagon and Reagan National Airport.  Tenants enjoy spectacular views of the District, its major monuments, Iwo Jima Memorial Park and the Potomac River.

Tishman Speyer indicated that it plans to enhance the quality of the asset further with a capital improvement program to include lobby renovation, elevator modernization and construction of a new fitness center.

Terms of the transaction were not disclosed.

The acquisition builds upon Tishman Speyer's existing presence as a major developer, owner and operator of high-quality office properties in the Washington DC area.  In all, the firm currently owns, manages and leases over 10 million square feet of high-quality office buildings in the region.  Tishman Speyer has developed area office projects such as One Metro Center, 1099 New York Avenue, 1775 Pennsylvania Avenue, 1100 First Street, NE, and Woodland Park, a large office park in Herndon, Va.

"We're very pleased with this opportunity to increase our presence by acquiring this attractive property in one of the nation's strongest office submarkets," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer.  "With the availability of convenient, Class A space in short supply, Tishman Speyer is well positioned to take advantage of the emerging local marketplace opportunities."

Tishman Speyer is a real estate developer and owner with a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion.  Signature assets include New York's Rockefeller Center and the Chrysler Center, Frankfurt's MesseTurm and Opernturm, Sao Paulo's Torre Norte, and Ventura Corporate Towers in Rio de Janeiro.  Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.

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