June 1999

CUSHMAN & WAKEFIELD SECURES LEASING ASSIGNMENT FOR 4.5 MILLION SQUARE-FOOT CORPORATE OFFICE PARK AT DULLES TOWN CENTER

Building One Slated for Delivery Spring 2001

MCLEAN, Va. -- Cushman & Wakefield is pleased to announce that it has been awarded the exclusive leasing assignment for The Corporate Office Park at Dulles Town Center.  Currently under development by Lerner Enterprises of North Bethesda, Md., the 4.5 million square-foot office park is located in close proximity to Washington Dulles International Airport in Dulles, Loudoun County, VA at the intersection of Routes 28 and 7.  Cushman & Wakefield's Kenneth E. Born and John F. Henschel, both based in the firm's Northern Virginia office, are the exclusive agents.

Building One at The Corporate Office Park, which is scheduled for delivery in spring 2001, will offer approximately 175,000 square feet of Class ‘A' space.  The building's design incorporates numerous distinctive architectural features and upscale finishes, including typical ceiling heights of nine feet and efficient 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 and storage space.  An on-site fitness center will be available to tenants.  The grounds at the park will be extensively landscaped, and connected to a $30 million road network that is fully completed.  Parking facilities will provide four spaces per 1,000 square feet.

Dulles Town Center  is a planned community 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 1.2 million square-foot regional shopping mall which opened on April 22, 1999, and which will celebrate its grand opening August 12 - 15, 1999.  The mall, with more than 130 shops, restaurants and entertainment venues, is anchored by Hecht's, Sears, J.C. Penneys, Lord & Taylor and a 16 screen, 106,000 square-foot Edwards Cinema.  Other amenities will include a Courtyard by Marriott, which will open in fall 2000, a future full-service hotel and conference center, and a KinderCare Learning Center, which opened this month.  A full-service health club will be within Dulles Town Center.  Extensive residential neighborhoods with 1,100 apartments and townhomes will be interspersed by acres of green space with parkland, pathways, soccer fields, and an outdoor amphitheater.     

1998 was a banner year for Cushman & Wakefield's Washington offices, with more than $30 million in revenues. Cushman & Wakefield concluded 343 sales and leasing transactions, totaling  19.1 million square feet with a total aggregate value of $1.6 billion during the year.