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Lerner Starts Construction Of Fourth Office Tower At Tysons II Signs Lease With PricewaterhouseCoopers

McLean, Virginia, January 16, 2004 – Lerner Enterprises of North Bethesda, Maryland, one of Washington, D.C.'s premier real estate developers, has announced that it has executed a long term lease with PricewaterhouseCoopers, LLP for a 160,025 square foot regional headquarters at 1800 Tysons Boulevard in The Corporate Office Centre at Tysons II. 1800 Tysons Boulevard will be a 13-story 320,000 square foot world class office tower. Construction will begin immediately and the building will be delivered in the fall of 2005. It will be the fourth 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.

PricewaterhouseCoopers (pwc.com) is the world's largest professional services organization with 123,000 employees. PwC has member firm offices in 768 cities in 139 countries. Steven R. Ernst of CLW Real Estate Services Group of Tampa, Florida, national real estate consultant for PwC, lead negotiations for the tenant. CLW teamed with Robert O. Copito of The Staubach Company of Vienna, Virginia for local support. Lerner was represented in the transaction by Jeffrey K. Diamond and Brian F. Tucker of Diamond Property Company of McLean, Virginia.

"We are pleased to be the anchor of Lerner Enterprises newest addition to the Tysons II project", stated Fernando Murias, the office Managing Partner for PricewaterhouseCoopers. "The building offers a quality product and amenity package for our staff, and provides a unique block of space to accommodate the significant growth of the practice. The site is truly a gateway location, with easy access and is a central location for people."

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 has extensive experience in high-rise office buildings for corporate clients and speculative developers.

The new building is conceived as the next installation 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 an enclosed pedestrian bridge system above and below ground parking and public plazas, the new addition will continue to create a synergistic environment that positively connects to the existing Tysons II development and the surrounding community.

The new tower, a bold modern expression seeks to define and activate the corner of Tysons Boulevard and Galleria Drive. The building is composed of two parts, a primary volume of dark green granite and a folded plate of sculptured concrete. Each of these elements is articulated with horizontally or vented windows and silver aluminum window frames. The building's composition is organized to present a tall tower elevation to Galleria Drive and a long elegant fašade to Tysons Boulevard. Typical floors will be 24,600 square feet.

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 buildings high tech lobby. In order to express this forecourt to Tysons Boulevard, the tower is lifted off the ground on silver columns. This opens up a series of exciting interior and exterior pedestrian spaces and sequences below the building linking the office lobby, retail, restaurant and café spaces. Of special note is the restaurant's iconographic 35' cantilevered glass bar, which projects out over the plaza along Tysons Boulevard. 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 and will provide tenants with a modern work place.

"We are excited about welcoming PricewaterhouseCoopers as our lead tenant and starting the construction of 1800 Tysons Boulevard. The Corporate Office Centre at Tysons II continues to be the premier office development in the Washington Metropolitan area", stated Mark D. Lerner, a principal of Lerner Enterprises.

An additional 160,000 square feet of office and retail space is still available for lease. Plans for the building include a retail area known as The Boulevard Shops which is planned to include a tablecloth restaurant, fitness center, café and other elegant retail opportunities fronting on Tysons Boulevard.

The general contractor for the project will be Harvey-Cleary Builders with offices in Gaithersburg, Maryland and Houston, Texas. Office leasing will be provided by Diamond Property Company. Retail leasing and management 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. (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. (RitzCarlton.com)
  • 1600 Tysons Boulevard. The 295,000 square foot office tower whose major tenants include Pillsbury Winthrop, Morgan, Lewis & Bockius, Holland & Knight, Arnold & Porter, AES Corporation, Regus Business Centre Corp., T. Rowe Price and U. S. Trust.
  • 1650 Tysons Boulevard. The 375,000 square foot office tower whose major tenants include Shaw Pittman, ITT, Salomon Smith Barney, Diamond Property Company, CB Richard Ellis, Cushman & Wakefield 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.
  • Lillian Court at Tysons II. A 286 unit award-winning luxury condominium project.

An additional 2.5 million square feet, including six 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, Sterling Park Business Center, Beaumeade Corporate Park 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 1800 Tysons Boulevard, Lerner plans to start two additional projects in the first half of 2004 including Parc Dulles at Dulles Town Center. A 393 unit luxury garden apartment development at Routes 7 and 28 in Dulles, Loudoun County, Virginia.
  • Residence Inn by Marriott – Dulles Airport. A 151 room suite hotel located in Dulles 28 Centre at Routes 28 and 625 in Dulles, Loudoun County, Virginia.

Additional information on The Corporate Office Centre at Tysons II and Lerner Enterprises is available at Tysons2.com.