MAY 1999

Dulles Town Center Revives Traditional
Concept of "Main Street USA"
1.2 million square foot Mall Set to Open
in Suburban Washington August 12-15

Dulles, VA - Lerner Enterprises of North Bethesda, Maryland and Cigna Investment Management of Hartford, Connecticut are forging ahead toward the new millennium by taking a giant step backwards in time with the late summer unveiling of Dulles Town Center, a landmark 1.2 million square foot super regional mall located in Loudoun County, just minutes away from Washington Dulles International Airport in suburban Washington, D.C.

Anchored by Sears, JCPenney, Lord & Taylor, Hecht's and a fifth department store to be announced later this summer, Dulles Town Center will feature an architectural design representative of the nation's first shopping malls of the mid-to-late sixties. An expansive two-tiered structure with a prominent domed spire offering a commanding street presence and surface parking, Dulles Town Center is designed both aesthetically - and practically - to fully embrace the concept of Main Street USA.

Presently open for business, the mall, located at the intersection of Virginia Routes 7 and 28, will celebrate its official Grand Opening August 12-15.

The emergence of Dulles Town Center serves to further substantiate the explosive growth of Loudoun County, Virginia, cited by the U.S. Census Bureau as the third-fastest growing county in the nation. The property presently sits in the middle of a 554 acre tract of land which will soon become home to restaurants, banks, townhouses, apartments, two hotels and 4.5 million-square foot of office development. Many of the nation's leading technology companies - including America Online, MCI Worldcom, PSI.Net and others - are just a short drive away.

"The emergence of Northern Virginia's tech corridor over the past ten years helped to fuel the dynamic growth of a region which has experienced an eight percent population jump over the past year alone," says Arthur N. Fuccillo, Dulles Town Center Project Director for the Lerner development team. "The creation of properties such as Dulles Town Center and other booming retail sites are necessary to support that growth. We feel the amenities our property offers will fit perfectly with the needs of this ascending community."

Upon completion, Dulles Town Center will consist of 130 specialty shops, restaurants and entertainment retailers. More than eighty leases are currently secured with another 25 under negotiation. The Center recently announced the signing of Edwards Cinemas, a 160,000 square foot, 16-screen multiplex movie theater with stadium-style seating and digital sound. The first Edwards property to be located on the east coast, the theater is schedule to open by Spring 2000.

Lerner Enterprises, founded by Theodore N. Lerner, is one of Washington's largest and most successful real estate developers. Based in North Bethesda, Maryland, Lerner is involved in all phases of commercial and residential real estate including development, asset management, acquisitions and leasing. Lerner Enterprises has developed more than 20 million square feet of commercial, retail and residential project space and currently manages, through its leasing and management affiliate, Lerner Corporation, more than 10 million square feet of commercial, retail and residential space. Additional information about Lerner Enterprises is available on the Internet at Lerner.com.  Additional information about Dulles Town Center can be found on the Internet at ShopDullesTownCenter.com

For additional information, please contact B. Clarke Green, Director of Retail Marketing for the Lerner Corporation at 
(301) 984-1500.

Media Contacts: Steve Winter/Brian Bishop/Megan Hoyt Brotman-Winter-Fried Communications (202) 296-7200.