September 25,  2000

Lerner to Start Construction for First Office Flex Building at Dulles Town Center;  Announces First Lease Signed with Adelphia Cablevision of Loudoun

Dulles, VA - Lerner Enterprises, one of Washington, D.C.'s premier real estate developers, has announced that construction has begun on the first office flex building, a 95,000 square foot, 1 story Class "A" building at The Corporate Office Park at Dulles Town Center in Dulles, Virginia.

The new building, located at 45745 Nokes Boulevard, is the first phase of office development of the 554 acre Dulles Town Center, Loudoun County's most visible commercial property at the intersection of Routes 28 and 7.  Planned for a late 2000 delivery, the building design combines distinctive architectural details and finishes normally associated with upscale office buildings with the flexible design required by many of today's high tech tenants.  Office Flex Building one features a beautiful contemporary exterior brick design consisting of a rusticated precast stone base with masonary banding and reflective solex glass exterior.  Function is enhanced by the single floor design with 40 ft. x 40 ft. bays, 70' to 124' depths and 16 to 18 foot ceiling heights.  Ample parking (4.0 per 1,000 s.f.) and excellent loading capabilities complete this cutting edge workplace.  It was designed by the architectural firm of Donnally, Lederer, Vujcic, L.L.C.  Tucon Construction, L.L.C. is general contractor for the project.  Lerner Corporation of North Bethesda, Maryland will handle management.  Cushman & Wakefield of McLean, Virginia will act as leasing agent for the project.

Cushman & Wakefield of McLean, Virginia has been selected to lease the 4.5 million square feet, which will comprise The Corporate Office Park at Dulles Town Center.  Kenneth E. Born, Senior Director at Cushman & Wakefield, who leads the senior Cushman team also consisting of John F. Henschel and Thomas N. Abbonizio states, " The commitment of Lerner Enterprises to create a downtown quality in the Dulles area of Loudoun County is evident by this outstanding cost effective first building.  Dulles Town Center will truly be the business and lifestyle environment for the new millennium."

Lerner Enterprises and Cushman & Wakefield recently negotiated a 27,258 square-foot lease for Adelphia Cable Communications as lead tenant in Office Flex Building One.  Adelphia, which is headquartered in Coudersport, Pennsylvania, will locate its primary Loudoun County offices at the new Nokes Boulevard building.  The new facility will house the company's administrative offices, production studios and core technical center.  Adelphia, which has enjoyed success with its marketing kiosk at Dulles Town Center Mall, selected Dulles Town Center for its Loudoun County headquarters on the basis of the community's environment conducive to customer convenience, employee retention, and cable production.

Cushman & Wakefield has also commenced leasing of Office Building One, a 185,000 square foot, 7 story Class "A" building at The Corporate Office Park at Dulles Town Center, which will break ground in September 2000.

The 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, 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 townhomes will be interspersed by acres of green space with parkland, pathways, soccer fields, playground and an outdoor amphitheater.  Remington at Dulles Town Center, a 406 unit luxury apartment home community will open next month.

"Lerner Enterprises is excited about starting the construction of Office/Flex 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 flex space in the Route 28 corridor continues to be significant and the current low vacancy rate provides an excellent environment to begin a new development.  Because of the strength of the market, it is our intention to begin construction on a fully speculative basis," stated Mark D. Lerner, a principal of Lerner Enterprises.

Lerner Enterprises, founded by Theodore N. Lerner, is based in North Bethesda, Maryland and is one of Washington, D.C.'s largest real estate developers.  The company 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, Beaumeade Corporate Park and Sterling Park Business Center in Northern Virginia and White Flint North in Maryland; Washington Square and 1133 Connecticut Avenue in Washington, D. C.

Cushman & Wakefield is the preeminent commercial real estate firm.  Globally, Cushman & Wakefield is a market leader in all its businesses, including office and industrial brokerage, financial services, advisory services, asset services, corporate services, valuation advisory services and research services.  Founded in 1917, Cushman & Wakefield has 9,500 employees operating from 143 offices in 44 countries around the world.

Additional information is available on the following web sites:

For further information, please contact Kenneth E. Born, John F. Henschel or Thomas N. Abbonizio at Cushman & Wakefield, 1650 Tysons Boulevard, Suite 450, McLean, Virginia 22102.  Telephone: 703. 448. 1200