Investment Bank Continues Expansion At Tysons II
McLean, Virginia, July 25, 2005 – Lerner Enterprises of North Bethesda, Maryland, one of Washington, D.C.'s premier real estate developers, has announced that Houlihan Lokey Howard & Zukin has leased the entire 3rd floor of 1800 Tysons Boulevard, consisting of 24,600 square feet under a long term lease. 1800 Tysons Boulevard is a 13-story 320,000 square foot world class office tower in The Corporate Office Centre at Tysons II where PricewaterhouseCoopers is the lead tenant of the building with 185,000 square feet of leased space. 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.
Houlihan Lokey Howard & Zukin (hlhz.com) is an international investment bank established in 1970, that provides a wide range of services, including mergers and acquisitions, financing, financial opinions and advisory services, and financial restructuring. In 2004, Houlihan Lokey ranked as the No. 1 M&A advisor for transactions under $500 million and the No. 5 advisor for all announced transactions, according to Thomson Financial. Houlihan Lokey Howard & Zukin was represented in the transaction by Transwestern Commercial Services.
Houlihan continued its rapid growth at Tysons II by expanding and relocating in 1999 from 1650 Tysons Boulevard to 1750 Tysons Boulevard and expanding again within the building in 2003. It is now relocating from 1750 Tysons Boulevard to an entire floor at 1800 Tysons Boulevard. Deloitte & Touche has leased Houlihan's former space at 1750 Tysons Boulevard, which is fully leased.
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.
"We are excited about welcoming Houlihan Lokey Howard & Zukin as a tenant of 1800 Tysons Boulevard and have continued to meet their growing needs within the project. 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.
The general contractor for the project is Harvey-Cleary Builders with offices in Gaithersburg, Maryland and Houston, Texas. Office leasing is provided by Diamond Property Company. 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. (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, Studley and U. S. Trust.
- 1650 Tysons Boulevard. The 375,000 square foot office tower whose major tenants include Pillsbury Winthrop Shaw Pittman, ITT, Salomon Smith Barney, Diamond Property Company, CB Richard Ellis, Cushman & Wakefield, Wachovia Securities, J.E. Robert Companies and Cardinal Bank.
- 1750 Tysons Boulevard. The 385,000 square foot office tower whose major tenants include Deloitte & Touche, McGuire Woods, 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 at Tysons II. The next building planned on the site is 1801 Tysons Boulevard, a 483,000 square foot 20-story office tower. Construction of the project is planned to begin in the Fall of 2006.
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'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 is now under construction and will open in January, 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 will begin construction in early 2006 and is being developed in a joint venture with The Tower Companies of North Bethesda, Maryland.
- 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 will begin this fall and groundbreaking for the project will be in February, 2006.
- Parc Dulles at Dulles Town Center. A luxury apartment community with 393 units located at City Center Boulevard and Stefanie Place in Dulles, Loudoun County, Virginia. Construction is now underway and Phase 1 delivery is scheduled for Summer, 2006.
- 22400 Shaw Road. A 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 Summer, 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 and the site of the future Washington Nationals Stadium in Southeast Washington, D.C. Construction is scheduled to begin later this summer and completion is scheduled for Summer, 2007.
- Fallsgrove Corporate Center. A 208,000 square foot class 'A' office tower at 1900 Research Boulevard in Rockville, Maryland. Construction is scheduled to begin in Spring, 2006.
Additional information on The Corporate Office Centre at Tysons II and Lerner Enterprises is available at Tysons2.com.