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COVINGTON, LA. — St. Tammany Parish, La.-based Cypress Bend Real Estate and Metairie, La.-based Property One are developing a $48 million, 24-acre office park in Covington. The development will include a four-story, 105,000-square-foot Class A office building, with adjoining executive conference center, and Stone Creek Club & Spa, a 52,000-square-foot facility featuring a full-service spa and 12 tennis courts. LLOG Exploration Co. will move its headquarters to the park and occupy two floors. Construction is scheduled to be completed on the office building in February 2009 and the healthclub in March 2009. Property One will also manage and lease the property.