VeriSign Leases Waterview I in Herndon

HERNDON, VA-Don’t say technology is dead in Northern Virginia. It’s on a respirator, but at least one deal shows there are still signs of life. VeriSign, which acquired the area’s Network Solutions, will lease an entire building, which is part of a bigger development here. Tishman Speyer Properties said the technology company is leasing the entire 13-story, 405,000-sf Waterview I.

The building is part of a planned 170-acre office development that will have up to 4.8 million sf of office space. The development–Woodland Park–has had success attracting a number of high-tech tenants even as Northern Virginia has suffered generally by a technology downturn.

Jim Evans, a managing director of Tishman, said in a statement, “Given the size and complexity of the deal, the timeframe for negotiations was critical, and both parties worked diligently to complete the transaction within 60 days.”

Waterside I will be complete Oct. 1, and will be able to accommodate up to 1,600 employees. And the building is expandable to 450,000 sf.

The developer, who owns the property along with Travelers Group, said that VeriSign is the latest in a string of high-profile technology companies that have committed to the mixed-use development, which will include a 150-room Embassy Suites Hotel and 400 apartment units.

Back in January, GlobeSt.com reported that Portal Software would lease 73,120 sf in Plaza Ridge II, which opened at the beginning of the year. And Juniper Networks has leased 48,280 sf in Plaza Ridge I, which opened in December 2000.

Tishman lists other companies, including RoadRunner, National Rural Utilities Cooperative Finance Corp., Computer Associates and US Sprint.

Such success attracting technology tenants has bucked the trend, according to area real-estate research, which puts vacancy rates in Northern Virginia, including sublease space, at 10%, and on its way to maybe even 12% in the next 12 to 18 months.