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Macerich Announces Hines, Kettler And Woodbine As Third-party Development Managers At Tysons Corner Center

Stocks in this article: MAC

SANTA MONICA, Calif., July 30, 2012 /PRNewswire/ -- Macerich (NYSE: MAC), owner and master-developer of Tysons Corner Center, together with Alaska Permanent Fund Corporation, today announced  third-party development agreements with hotel specialist Woodbine Development Corporation, multifamily development company Kettler, and Hines, which will manage the office development. Together the firms will bring luxury apartments, a high-end hotel, and a trophy-class office tower within steps of one of the nation's premier shopping destinations, Tysons Corner Center.

(Photo: http://photos.prnewswire.com/prnh/20120730/LA48253)

 "Tysons Corner Center is already one of the nation's retail powerhouses. We have the land, the location and the unique opportunity to make this famed piece of real estate even better by bringing together three top developers – Hines, Kettler and Woodbine – to create one of the nation's signature new mixed-use communities," said Macerich CEO Art Coppola. "The proximity to the new office, residential, and hotel properties will enable us to further strengthen Tysons Corner Center, as well as bring additional business development opportunities to the area."

The Alaska Permanent Fund Corporation (APFC) has been an investor in Tysons Corner Center since early 1985.  "As long-standing owners of Tysons Corner Center, APFC has been a part of every development project to date:  from the truck tunnel's first-floor conversion in 1989 to the expansion project of 2005.  It is with great enthusiasm that we now embark on the current transformation of Tysons Corner Center by adding the much- anticipated mixed-use project. We are excited to have Macerich as a partner in the project as well as the 'best-in-class' development team of Hines, Kettler and Woodbine," added Mike Burns, CEO and Executive Director, Alaska Permanent Fund Corporation. 

Hines will oversee the development of the 22-floor Tysons Tower, the only office building in Tysons Corner with a dedicated Metrorail station. Flexible floor plates will ensure that a variety of tenant layout options can be accommodated. The tower will also include the construction of 1,210 new parking spaces.

Kettler will develop and manage the upscale 28-story residential apartment building, providing underground parking and prime views of northern Virginia and beyond.

The hotel, residential building and office tower will connect to Tysons Corner Center regional mall by way of an elevated outdoor plaza, more than an acre and a half in size, which will connect all the buildings and provide an attractive, activated outdoor shared venue for activities and events. The entire redevelopment, including a series of pedestrian walkways and bicycle paths serving the area, will open in 2014, anticipated to follow the opening of the new Metrorail.

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