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

MCLEAN, Va., June 5 /PRNewswire/ -- Lerner Enterprises of North Bethesda, Maryland, one of Washington, D.C.'s premier real estate developers, has announced that it will develop an 18-story 472,000 square foot "state of the art" office tower at 1775 Tysons Boulevard in The Corporate Office Centre at Tysons II. Construction will begin next summer and the building will be delivered in the Summer of 2009. It will be the fifth office building at the award-winning five million square foot, mixed-use complex located at Route 123 and Tysons Boulevard in McLean, Fairfax County, Virginia.

The architect for the building is Kohn Pedersen Fox Associates, the internationally acclaimed architectural firm established in 1976. KPF is active in over 30 countries around the globe and has offices in New York and London. The firm has a diverse portfolio of building types and extensive experience in high-rise office buildings for corporate clients and speculative developers.

The new building is conceived as the next generation of The Corporate Office Centre at Tysons II. This development recognizes Lerner's pivotal role in redirecting future growth in the Tysons Corner area away from urban sprawl where cars and parking dominate the aesthetics to one of urban centers where pedestrian amenities and public spaces unite to form a sense of place. By developing a dramatic and elegant enclosed pedestrian bridge system across Tysons Boulevard, the new addition will maintain the synergistic environment that positively connects the existing Tysons II development and extensive amenity base including The Ritz-Carlton, Palm Restaurant and the wide array of shops and restaurants of the adjacent Galleria.

The building's composition is organized to present a tall tower elevation to Galleria Drive and a long elegant façade in the direction of Tysons Boulevard. Typical floor sizes will offer approximately 29,000 square feet of highly efficient space and exceptional views. In addition, the average floor to ceiling heights will be nine (9) feet with the ability to expand to ten (10) feet along the window lines. Building amenities will include an on-site concierge, 24-hour security, state of the art fitness center, white tablecloth restaurant and cafe, as well as banking and other retail services.

The heart of the complex, a plaza like courtyard, organizes the entries for the office tower, retail and parking facilities. Landscaping, sculpture and architectural paving will enhance the formal entry court, which is conceived as an extension of the building's elegant lobby. Within the building, state-of-the-art elevators, mechanical systems and high performance glass all contribute to a design that achieves Energy Star's highest rating. Tenants will enjoy a modern work place in a LEED (Leadership in Energy & Environmental Design) "certified" building conforming to "Green" building standards for resource and energy conservation, as well as a healthy indoor and outdoor environment.

"We are excited to begin the new tower at Tysons II as there continues to be excellent demand from the marketplace for this type of trophy product," said Mark D. Lerner, a Principal of Lerner Enterprises. "While we will proceed with this building on a speculative basis as we did on the last four buildings at Tysons II, we have always had significant pre-leasing in these buildings prior to their completion. Tysons II, with over 1.4 million square feet of existing buildings, has less than a one percent vacancy rate, clearly one of the strongest in the Washington area."

Office leasing will be provided by Diamond Property Company of McLean, Virginia. Retail leasing and property management services will be provided by Lerner Corporation, an affiliate of Lerner Enterprises.

The mixed-use Tysons II development located at the intersection of Route 123, International Drive and Tysons Boulevard to date includes:

* 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.

Additional information on The Corporate Office Centre at Tysons II and Lerner Enterprises is available at http://www.Tysons2.com and http://www.LernerEnterprises.com.

SOURCE Lerner Enterprises

CONTACT: Jeffrey K. Diamond or Brian F. Tucker, +1-703-356-8900, Fax: 703-356-8980, both for Lerner Enterprises

<<PR Newswire -- 06/06/06>>

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