Global Satellite Service (and Much Sought-After Office Tenant) Leases 188,000 Sq. Ft. in New 20-Story Office Tower
Confirming recent market rumors, Macerich (NYSE: MAC
) today announced that Intelsat, a global provider of satellite services, has signed a 15-year lease and will relocate its U.S. headquarters from Washington, D.C. to occupy approximately 188,000 square feet in a new Tysons Corner Center office building Macerich is developing with its partner in the project, the Alaska Permanent Fund Corp.
Intelsat, which selected the Macerich building over numerous other offers, finalized the agreement on November 30. It will initially occupy the 14th through 20th floors, or approximately 37% of the 20-story, 524,432-square-foot Tysons Tower at 7900 Tysons Center Place, which will be the tallest building in Tysons Corner when completed in early 2014. The satellite firm also has an option to occupy up to half of the building for future expansion.
The new office tower will be part of a massive, 1.4 million square foot mixed-use expansion currently underway at Tysons Corner Center. In addition to the 20-story office tower, Macerich is adding a new 17-floor, 300-room Hyatt Regency hotel, a residential tower, and additional retail space to the Tysons Corner Center mall.
An elevated outdoor space known as the Plaza located 32 feet above street level will connect all the buildings in the complex. The plaza will provide a new second-level entrance to the shopping mall and a direct connection via covered walkway to the future Tysons Corner Metro station on the new Silver Line.
Macerich has overseen several expansions at the site to create one of the largest and most successful retail properties on the East Coast. Hines is serving as the development manager for the Gensler-designed office tower. RTKL is the project's master planner. CBRE is the project's exclusive leasing agent and also represented Intelsat in its new headquarters selection process.