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New Tysons II Office Tower 100% Leased

McLean, Virginia, January 17, 2006 – Lerner Enterprises of North Bethesda, Maryland, one of Washington, D.C.'s premier real estate developers, has announced that all office space has been fully committed in the office tower at 1800 Tysons Boulevard.  The building 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 which recently added an additional floor and now leases approximately 209,000 square feet.  Other recently signed tenants include Declaration Management & Research LLC, which leased the entire 2nd floor consisting of 24,600 square feet, Houlihan Lokey Howard & Zukin which leased the entire 3rd floor consisting of 24,600 square feet and a recent lease with Red Zone Capital Management Company LLC for 12,125 square feet.  Red Zone Capital Management Company LLC is an investment entity headed by Washington Redskins owner Daniel M. Snyder.  The building will be delivered on schedule next month. It is 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. The project's four (4) existing buildings, which total approximately 1.36 million square feet, have a 99.6% leased/occupancy rate.

The architect for the building at 1800 Tysons Boulevard 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 these fine organizations to Tysons II and remain committed to continuing to build to this level of quality at Tysons II.  The Corporate Office Centre at Tysons II continues to be the premier office development in the Washington Metropolitan area as evidenced by the ongoing demand for trophy, amenities rich buildings", 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 of McLean, Virginia.  Retail leasing and property management services will be provided by Lerner Corporation, a division 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, food court 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 13-story office tower whose major tenants include GMAC, Holland & Knight, Arnold & Porter, Wilmer, Cutler & Pickering, AES Corporation, Regus Business Centre Corp., T. Rowe Price, Studley, Cushman & Wakefield and U. S. Trust.
  • 1650 Tysons Boulevard.  The 375,000 square foot 17-story office tower whose major tenants include Pillsbury Winthrop Shaw Pittman, ITT Industries, Smith Barney, Diamond Property Company, The Rowe Companies, Morrison & Foerster, Citicorp North America, Wachovia Securities, J.E. Robert Companies and Cardinal Bank.
  • 1750 Tysons Boulevard.  The 385,000 square foot 18-story office tower whose major tenants include Deloitte & Touche, McGuire Woods, Greenberg Traurig, Moore & Lee LLP, Fairchild Corporation, Winston Partners, Alion, Heidrick & Struggles, 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 two thirty-story luxury condominium towers will be developed at Tysons II.  The next building planned on the site is 1775 Tysons Boulevard, a 455,000 square foot 17-story world class office tower, which will include LEED certified Green Building amenities.  Construction of the project is planned to begin in mid- 2007.  The architect for the project will be Kohn Pedersen Fox Associates.

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, 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 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 March, 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 sq. ft. Target will begin construction in Spring, 2006.
  • 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 Spring, 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 Summer, 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 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, 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 is underway and completion is scheduled for Summer, 2007.
  • Fallsgrove Corporate Center.  A 208,000 square foot Class 'A' office tower at 1900 Research Boulevard at Gude Drive in Rockville, Maryland.  Construction is scheduled to begin in Summer, 2006.
  • Fallsgrove Hilton Garden Inn and Homewood Suites.  Two full service hotels and conference center located at Shady Grove Road and Blackwell Drive in Rockville, Maryland.  The Hilton Garden Inn (110 rooms) and Homewood Suites (90 rooms) is scheduled to begin construction in Early, 2007.
  • Fallsgrove Executive Plaza.  A 120,000 square foot Class 'A' office building located at Shady Grove Road and Blackwell Drive in Rockville, Maryland. Construction of the project is scheduled to begin in Spring, 2007.

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