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Lerner Adds New Tenant at 1800 Tysons Boulevard

McLean, Virginia, June 30, 2005 – Lerner Enterprises of North Bethesda, Maryland, one of Washington, D.C.'s premier real estate developers, has announced in addition to its previous lease of 185,000 square feet with PricewaterhouseCoopers as lead tenant of the building, Declaration Management & Research LLC has leased the entire 2nd floor consisting of 24,600 square feet under a long term lease.  1800 Tysons Boulevard will be a 13-story 320,000 square foot world class office tower.  Construction began in January 2004 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.

Declaration Management & Research LLC (Declaration.com) ("DMR") is an SEC registered investment advisor based in McLean, Virginia, specializing in fixed income and derivative investing. DMR is an MFC Global Investment Management Company and is indirectly wholly owned by John Hancock Financial Services, Inc., a unit of Manulife Financial Corporation.

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 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 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 facade 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 cafe 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 proposes to achieve 'Energy Star's' highest rating and will provide tenants with a modern work place.

"We are excited about welcoming Declaration Management & Research LLC as a tenant 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 120,000 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, cafe and other elegant retail opportunities fronting on Tysons Boulevard.

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 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'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 February, 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 spring, 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.