11/3/2000

Lerner Achieves 100% Pre-Leasing at 1600 Tysons Boulevard and Announces Development of Next Office Tower at Tysons II

McLean, VA, October 23, 2000 - Lerner Enterprises, one of Washington, D.C.'s premier real estate developers, has announced that the third office tower, a 295,000 square foot, 13-story building at The Corporate Office Centre at Tysons II in McLean, Virginia is 100% pre-leased to some of the nations premier professional firms.

The building, known as 1600 Tysons Boulevard, will be completed in February 2001.  Long-term leases have been executed with the following firms:

-  Pillsbury Winthrop LLP
-  Morgan, Lewis & Bockius LLP
-  Holland & Knight LLP
-  Arnold & Porter
-  The AES Corporation
-  Regus Business Centre Corp.
-  T. Rowe Price Investment Services, Inc.
-  First Union Securities
-  U. S. Trust

The Tysons II development to date includes the 800,000 square foot Tysons Galleria anchored by Saks Fifth Avenue, Neiman Marcus and Macy's, the 400-room Ritz-Carlton, Tysons Corner Hotel, the fully leased award-winning 17-story, 375,000 square foot office tower known as 1650 Tysons Boulevard whose major tenants include Shaw Pittman, DB Alex.Brown, Salomon Smith Barney, O'Melveny & Myers LLP and Morgan Stanley Dean Witter.  Additionally, the recently completed 385,000 square foot, 18-story office tower known as 1750 Tysons Boulevard is also fully leased whose major tenants include Deloitte & Touche USA LLP, McGuire Woods Battle & Boothe LLP, Greenberg Traurig, P. A., Heidrick & Struggles, and features the Palm Restaurant.  An additional 2 million square feet including seven more office buildings and a second hotel can still be developed on the site.

1725 Tysons Boulevard, which will be a 23-story, 600,000 square foot world-class office tower developed by Lerner Enterprises, is conceived as the newest addition to The Corporate Office Centre at Tysons II, designed by Kohn Pedersen Fox Associates, an internationally acclaimed architectural design firm with offices in New York and London.  Pre-leasing underway and construction will begin in the spring of 2001.

The new tower, a bold modern expression of transparent glass and silver metal will be seen rising above the surrounding landscape.  The building's unique form of folded planes generates a broad horizontally striated facade to the North an South an presents a narrow, tower like, vertically articulated facade to the east and to travelers along the Beltway.  Along the south, the facade folds inward to create space and backdrop for a public courtyard and water garden sequence that expands south paralleling Tysons Boulevard.  Within the building, a high-tech lobby, state-of-the-art elevators and mechanical systems designed to achieve "Energy Star's" highest rating will provide tenants with a modern work place.  Between the courtyard and the water garden, a cafe marks the central nodal point of activity along a unique pedestrian walkway system.  The building will receive pedestrian traffic from a proposed climate-controlled transparent glass skywalk coming from the Tysons Galleria Mall, Ritz-Carlton Hotel, and Palm Restaurant, and will provide access to underground parking.  Between the cafe and the new building, a plaza courtyard creates a formal arrival into the building.  Ornamental trees, sculpture, a waterfall and reflecting pool enliven the courtyard with visual activity and mark the entry to the water garden.  To the cast, a gallery space of changing art exhibits provides the conditioned route for pedestrian movement to an in-house fitness club, a "white tablecloth" restaurant, and the building lobby.

"Lerner Enterprises is excited about starting the construction of 1725 Tysons Boulevard at Tysons II, which is clearly the premier mixed-use office development in the Washington Metropolitan area.  The demand for office space in Tysons Corner continues to be strong and the current low vacancy rate provides and excellent environment to begin a new development.  Because of the strength of the Class "A" market and the tremendous success of 1600, 1650 and 1750 Tysons Boulevard over the last several years, it is our intention to begin construction of 1725 on a fully speculative basis", stated Mark D. Lerner, a principal of Lerner Enterprises.

Architects for the building are the international renowned Kohn Pedersen Fox Associates of New York City, the Civil Engineer is Dewberry & Davis of Fairfax, Virginia, Lerner Corporation of North Bethesda, Maryland will provide management services, and leasing will be provided by Diamond Property Company of McLean, Virginia.

Among Lerner Enterprises' extensive office portfolio are The Corporate Office Park at Dulles Town Center, Flint Hill Office Park, Parkview Executive Center, 7799 Leesburg Pike, and 400 Army Navy Drive in Northern Virginia, White Flint North in Maryland, and Washington Square and 1133 Connecticut Avenue in Washington, D. C.

Additional information:  Lerner.com