New 18-Story Corporate Office Center Planned for McLean, Va.

472,000-s.f. office tower will be fifth building in Tysons II office park


* Tysons Galleria. The 800,000 square foot shopping mall anchored by Saks Fifth Avenue, Neiman Marcus and Macy's and over 100 shops and restaurants was voted "Best Shopping Mall" by WashingtonPost.com readers. (http://www.TysonsGalleria.com) * The Ritz-Carlton, Tysons Corner. A 398 room luxury hotel is connected to all current office towers and the Galleria by climate enclosed walkways. The hotel includes the four-star award winning Maestro Restaurant and The Ritz-Carlton Day Spa. The hotel was voted to Conde Nast Traveler's Gold List for Best Hotels in the United States. (http://www.RitzCarlton.com) * 1600 Tysons Boulevard. The 295,000 square foot office tower whose major tenants include, Holland & Knight LLP, Cushman & Wakefield of Virginia, Inc., Arnold & Porter LLP, Graduate Management Admissions Council, Studley, Inc., Regus Business Centre Corp. and T. Rowe Price. * 1650 Tysons Boulevard. The 375,000 square foot office tower whose major tenants include Pillsbury Winthrop Shaw Pittman LLP, ITT Industries, Inc., Smith Barney, Diamond Property Company, Morrison & Foerster LLP, and the J.E. Robert Companies. * 1750 Tysons Boulevard. The 385,000 square foot office tower whose major tenants include Deloitte & Touche, McGuire Woods Battle & Boothe, Greenberg Traurig, Cassidy & Pinkard and the Palm Restaurant. * 1800 Tysons Boulevard. The recently completed 320,000 square foot tower is fully leased to PricewaterhouseCoopers LLP, Declaration Management & Research LLC, Houlihan Lokey Howard & Zukin and Red Zone Capital Management Company LLC. * Lillian Court at Tysons II. A 286 unit award-winning luxury condominium project.

An additional 2.5 million square feet, including five more office buildings and a high-rise/luxury condominium tower can still be developed on the site.

Lerner Enterprises, founded by Theodore N. Lerner in 1952, is the largest private real estate developer in the Washington, D.C. metropolitan area. The company is involved in all phases of office, retail, hotel, sports & entertainment and residential real estate including planning, development, construction, leasing, asset and property management. Among its extensive office portfolio is The Corporate Office Park at Dulles Town Center, Flint Hill Office Park, 7799 Leesburg Pike, Vintage Park, Beaumeade Corporate Park, Parkview Executive Center and 400 Army Navy Drive in Northern Virginia; White Flint North, Fallsgrove Village Office Center and Towne Plaza in suburban Maryland; Washington Square at 1050 Connecticut Avenue and 1133 Connecticut Avenue in downtown Washington, D.C. Lerner is also a partner in Chelsea Piers, a 1.2 million square foot sports, entertainment and office complex located on the Hudson River from West 17th to West 23rd Streets in New York City.

In addition to 1775 Tysons Boulevard, Lerner's current projects include: * Residence Inn by Marriott -- Dulles Airport. A 151 room suite hotel located in Dulles 28 Centre at Routes 28 and 625 at Pacific Boulevard in Dulles, Loudoun County, Virginia. The project has completed construction and opened in April, 2006. * Dulles 28 Centre. A 300,000 square foot shopping center located next to the 130,000 square foot Wegman's Food Market at Routes 28 and 625 at Pacific Boulevard in Dulles, Loudoun County, Virginia. The project which is proposed to include a 125,000 square foot Target will begin construction this summer. * The Falls at Flint Hill. A 242 unit luxury residential condominium community located at Route 123 (Chain Bridge Road) and I-66 at Rosehaven Street in Fairfax, Virginia. Sales and groundbreaking for the project will be in Summer, 2006. * Parc Dulles at Dulles Town Center. A luxury apartment community with 393 units located at Routes 7 and 28 at City Center Boulevard in Dulles, Loudoun County, Virginia. Construction is now underway and Phase 1 delivery is scheduled for Fall, 2006. * 22400 Shaw Road. An 80,000 square foot office/flex building in Sterling Park Technology Center in Sterling, Loudoun County, Virginia. The project is now under construction and will be delivered in Fall, 2006. The building is fully leased to the General Services Administration for use as a regional office of the United States Drug Enforcement Administration. * 20 M Street. A 190,000 square foot Class 'A' office tower located adjacent to the Navy Yard Metro Station, the new headquarters of the United States Department of Transportation and the site of the proposed Washington Nationals Stadium in Southeast Washington, D.C. Construction and pre-leasing is underway and completion is scheduled for Summer, 2007. * 2000 Tower Oaks Boulevard. A 198,000 square foot world class LEED "Gold" certified office tower located at Tower Oaks Boulevard and Wootton Parkway in Rockville, Maryland. The project is a joint development with The Tower Companies of North Bethesda, Maryland. The project will begin construction this summer and will be completed in Summer, 2008. Tower and Lerner will both relocate their corporate headquarters to the building. * Fallsgrove Corporate Center. A 208,000 square foot class 'A' office tower at 1900 Research Boulevard at Gude Drive in Rockville, Maryland. Pre-leasing is now underway. * Fallsgrove Hilton Garden Inn and Homewood Suites. Two full service hotels and conference center located at Shady Grove and Blackwell Roads in Rockville, Maryland. The Hilton Garden Inn (110 rooms) and Homewood Suites (90 rooms) is scheduled to begin construction in Spring, 2007. * Fallsgrove Executive Plaza. A 120,000 square foot class 'A' office building located at Shady Grove Road and Blackwell Road in Rockville, Maryland. Pre-leasing is now underway.