LERNER BREAKS GROUND ON FIFTH OFFICE TOWER IN TYSONS II

TYSONS CORNER, VA. — Lerner Enterprises of Rockville, Md., plans to break ground this week on construction of 1775 Tysons Boulevard, an 18-story, 476,000 square-foot Class A office tower located in The Corporate Office Centre at Tysons II in Tysons Corner. The building will be Lerner‘s fifth office property within the mixed-use development, situated footsteps from the new Tysons I & II Metro Station scheduled to open in 2013. Occupancy is projected for the first quarter of 2014.

“The Corporate Office Centre at Tysons II is the most prestigious address in the Washington, D.C. Metro region and is home to some of the most successful businesses in America,” said Mark D. Lerner, a principal of Lerner Enterprises. “With our nearly 50 years of experience in Tysons Corner and overall confidence in the area‘s new comprehensive plan, 1775 Tysons Boulevard is being developed as a spec building, as was the case with our other four successful office buildings at Tysons II.”

Within 1775 Tysons Boulevard, typical office floors will be approximately 30,000 square feet of highly efficient space featuring exceptional views. Retail opportunities include a fine dining restaurant up to 7,000 square feet, a 2,100 square foot café, and approximately 6,000 square feet of ground level retail space. The Whiting-Turner Contracting Company of Chantilly, Virginia has been selected as the general contractor for the project.

In addition, the building is registered with the certification goal of LEED® Platinum — the first building and development in Tysons Corner to do so. Designed by the internationally acclaimed architectural firm of Kohn Pedersen Fox Associates PC (KPF.com) of New York, 1775 Tysons Boulevard ‘Green’ building features and other amenities include:

• Sustainable site design that minimizes the development footprint and maximizes open space.
• Outdoor lighting designed to minimize light pollution.
• Roofing systems designed to minimize the building‘s contribution to heat island effect.
• Water efficiency that results in 40 percent lower usage than typical new office buildings.
• Landscaping that consists of water-efficient native and adapted plants and an irrigation system designed to use 100 percent captured water.
• High efficiency curtain wall system with low-e glass that keeps the building cool in the summer and warm in the winter.
• Building design and energy management system that results in the usage of 30 percent less energy than a typical office building.
• A rooftop photovoltaic solar array supplies more than 5.75 million kW-h of the building‘s annual energy needs.
• Material and resource program that uses recycled, local and regional building materials, and will recycle construction waste.
• Electricity used in the building is offset by the purchase of Green-e certified power.
• Indoor environmental quality program provides for 30 percent more fresh air than is required by code.
• A lobby highlighted by two stunning entry points, Portuguese limestone walls, an elegant stairway leading to an enclosed skywalk, concluded by a dramatic feature wall (pictured at right).
• A fine dining restaurant, first floor retail, a high quality café and a spa inspired fitness center for all building tenants.
• A one-acre central park located at the intersection of Tysons Boulevard and Galleria Drive.
• Direct access to the climate controlled enclosed skywalk system that connects 1775 Tysons Boulevard to the current amenity selection of the Tysons II development including Tysons Galleria — an 800,000 square foot luxury shopping center anchored by Neiman Marcus, Saks Fifth Avenue and Macy‘s; The Ritz-Carlton Hotel-Tysons Corner; and the remainder of the The Corporate Office Centre at Tysons II.
• The Tysons I & II Metro Silver Line Station is located 1 block from the new building. Combined with adjacent access to the impending Westpark Bridge connection to the I-495 Virginia Hot Lanes, 1775 Tysons Boulevard is one of the most accessible office buildings in the region.

“'NoVa' has become the east coast Silicon Valley, with a high proportion of IT companies having a presence there,” says Brian F. Tucker, executive director, Cushman & Wakefield, who is handling leasing for the project. “The Tysons Corner submarket is the fourth largest commercial office market on the east coast, comprising more than 25 million square feet of office space.”

The Tysons II development as a whole is currently 93 percent leased throughout the four buildings currently open, which include 1600 Tysons Boulevard, a 295,000 square foot office tower; 1650 Tysons Boulevard, a 375,000 square foot office tower; 1750 Tysons Boulevard, a 385,000 square foot office tower; and 1800 Tysons Boulevard, a 320,000 square foot office tower. In addition, the project features Lillian Court at Tysons II, a 286-unit luxury condominium project.

“Our projections indicate further demand for trophy product in Tysons by 2014 due to lack of new development as well as the opening of Metro,” says Tucker. “The market has very strong underlying fundamentals — proximity to major airports, DC and adjacency to regional road system which makes commuting from anywhere in the Metro area easy. In addition, Northern Virginia has historically been the major hub of Fed Government agency locations, as well as the supporting cast of contractors which serve the agencies.”

— Dan Marcec