Tishman Speyer Leases Herndon Building to VW

And the winner is ..... Tishman Speyer.

The New York commercial real estate firm and owner of the iconic Rockefeller Center will be Volkswagen of America's new landlord when the automaker moves its North American headquarters from Auburn Hills, Mich. to Herndon.

Tishman Speyer has leased its 185,000 square-foot Woodland Pointe building -- planted on the south side of the Dulles Airport Toll Road -- to the European automaker. Terms of the lease were not disclosed.

Volkswagen of America's new president and chief executive, Stefan Jacoby, told the Post's Zachary A. Goldfarb in an interview yesterday that Northern Virginia's schools, skilled workforce and proximity to Washington Dulles International Airport made it an ideal place to locate the headquarters. (See the story from Thursday's editions.)

The company will be moving into a corridor that has seen much speculative commercial office development in the last few years. According to commercial real estate firm Cushman & Wakefield, eleven buildings in the Reston and Herndon sub-market are under construction and due to be finished in the next year. Only two buildings have tenants lined up and none is fully leased, according to Cushman & Wakefield.

"Volkswagen is a world-class, established company and we're thrilled it has chosen Woodland Pointe as its U.S. headquarters," Jim Evans, regional managing director for Tishman Speyer in the Washington region, said in a statement. "This property, with its superior location and distinctive design, underscores Woodland Park's emergence as a premier business address."
-- Alejandro Lazo

By Mike Shepard  |  September 6, 2007; 1:41 PM ET  | Category:  Real Estate
Previous: Foreclosures in Region Are Below U.S. Average | Next: American Capital Announces Stock Offering


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