July 18,  2000

Dulles, VA - Lerner Enterprises, one of Washington D. C.'s premier real estate developers, has announced that construction will begin in September on the first office tower, a 185,000 square foot, 7 story Class "A" building at The Corporate Office Park at Dulles Town Center in Dulles, Virginia.

The new building to be located at Dulles Center and Atlantic Boulevards, will be the next phase of the 554 acre Dulles Town Center, Loudoun County's most visible commercial property at the intersection of Routs 28 and 7.  Planned for a fall 2001 delivery, the building design incorporates numerous distinctive architectural features 25,000 square-foot floor plates with large expanses of column-free space on each of the seven floors.  Each floor is serviced by a self-contained air handling unit.  The building also includes four high-speed elevators and an enclosed loading area.  An on-site fitness center and state-of-the-art telecommunications system will be available to tenants.  The grounds at the park will extensively landscaped and connected to a $30 million road network that is fully completed.

The planned 4.5 million spare foot office park in Dulles Town center is part of a planned mixed-use development combining corporate and retail properties and residential neighborhoods just eight minutes from Washington Dulles International Airport in fast-growing Loudoun County.  Dulles Town Center includes a 1.4 million square-foot super regional shopping mall which opened last year.  The mall, with more than 130 shops, restaurants and entertainment venues is anchored by Hecht's, Sears, J. C. Penney and Lord & Taylor.  Other amenities will include a Courtyard by Marriott, which will open in December, 2000, a future full-service hotel and conference center, and a KinderCare Learning Center, which opened last year.  Extensive residential neighborhoods with 1,100 apartments and town-homes will be interspersed by acres of green space with parkland, pathways, soccer fields and an outdoor amphitheater.  Remington at Dulles Town Center, a 406 unit luxury apartment home community will open this month.  In addition, a 95,000 square foot one-story, office/flex building is under construction and will be delivered in December, 2000.

"Lerner Enterprises is exited about starting the construction of Building one at The Corporate Office park at Dulles Town Center which will become the premier mixed-use office development in Loudoun County.  The demand for Class "A" office space in the Route 28 corridor continues to be significant and the current low vacancy rate provides and excellent environment to begin a new development.  Because of the strength of the Class "A" market, it is our intention to begin construction on a fully speculative basis.", stated Mark D. Lerner, a principal of Lerner Enterprises.

Architects for the building are Smith Group Incorporated of Washington, D. C., the Civil Engineer is Dewberry & Davis of Leesburg, Virginia, Lerner Corporation of North Bethesda, Maryland will handle management.  Cushman & Wakefield of McLean, Virginia will act as leasing agent for the project.  The general contractor will be Tompkins Builders of
Washington, D. C.

Lerner Enterprises, founded by Theodore N. Lerner, is one of Washington, D.C.'s largest real estate developers and is involved in all phases of commercial and residential real estate including planning, development, construction, leasing, asset management and property management.

Among its extensive office portfolio are The Corporate Office Centre at Tysons II, Parkview Executive Center, Flint Hill Office Park, 7799 Leesburg Pike, Summit Centre and 400 Army Navy Drive in Northern Virginia, White Flint North in Maryland, Washington Square and 1133 Connecticut Avenue in Washington, D. C.