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Macerich's Tysons Tower Signs Intelsat As Anchor Office Tenant

Stocks in this article: MAC

SANTA MONICA, Calif., Dec. 3, 2012 /PRNewswire/ -- Macerich (NYSE: MAC), owner and master-developer of Tysons Corner Center, together with Alaska Permanent Fund Corporation, announced today that Intelsat, the world's leading provider of satellite services, signed a 15-year agreement and will relocate its U.S. headquarters from Washington, D.C., to Tysons Tower at Tysons Corner Center in Virginia.  Leasing 188,000 square feet, or 37 percent of the building, with an option to expand to 50 percent, will make Intelsat the marquee anchor lease for the office building, currently under construction.

(Photo: http://photos.prnewswire.com/prnh/20121203/LA22697)

Tysons Tower is part of a 1.4 million square foot expansion currently underway at Tysons Corner Center, which includes adding the Tysons Tower office building, the recently announced 17-floor, 300-room Hyatt Regency hotel, a residential tower, and additional retail space to one of the nation's most popular shopping districts. To establish an even greater synergy between each asset, a signature elevated outdoor space known as the Plaza, 32 feet above street level, will connect all buildings and feed into a new second level mall entrance serving as the heart of Tysons Corner Center. This is the first commercial hub – and only office space in Tysons– which will be directly connected via covered walkway to the future Tysons Corner Metro station. Tysons Corner Center has long served as one of the nation's commercial powerhouses, with an unparalleled retail mix that draws millions of visitors annually.

"The addition of telecommunications leader Intelsat to Tysons Tower continues to cement Fairfax County as the region's premier business district," said Art Coppola, Chairman and Chief Executive Officer, Macerich. "We support Governor McDonnell's commitment and vision in re-shaping the future of Virginia, and welcome Intelsat to Tysons Corner Center."

Upon relocating in mid-2014, Intelsat will occupy the 14 th through 20 th floors of Tysons Tower, the tallest building in Tysons.

"In selecting a new location for our U.S. headquarters, we sought an environment that reflects the innovative and dynamic nature of our industry," said Intelsat CEO David McGlade. "Given our highly skilled workforce and global presence, our requirements warranted a modern and collaborative workspace with access to well-educated professionals, a first-class transportation system and compelling amenities. Tysons Tower fit that requirement perfectly."

In addition to the unmatched convenience of having retail, dining and entertainment offerings in close proximity, Tysons Tower will include four levels of parking, a restaurant, a dynamic two-story lobby and a fully equipped fitness center. Finished 9 ½' ceilings and open, column-free spaces will provide flexibility for designing each office to meet individual needs, including the option to create multiple-level spaces with connecting stairs. The building is designed to achieve LEED Gold certification. It offers a green roof, floor-to-ceiling windows and solar shades on the southern exposure to capitalize on natural sunlight for energy management.

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