- The Washington Times - Wednesday, June 7, 2006

Real estate developer Lerner Enterprises this week announced plans for a major addition to its holdings at the Corporate Office Centre at Tysons II in McLean.

The North Bethesda-based developer plans to build an 18-story, 472,000-square-foot office tower at 1775 Tysons Blvd.

Construction, beginning this summer, is scheduled to be completed in three years.

It will be Lerner Enterprises’ fifth office building at the 5 million-square-foot, mixed-use Corporate Office Centre complex located at Route 123 and Tysons Boulevard.

The company is starting construction with a lack of leasing commitments from tenants but a lot of faith in Northern Virginia’s economy.

“While we will proceed with this building on a speculative basis, as we did on the last four buildings at Tysons II, we have always had significant pre-leasing in these buildings prior to their completion,” said Mark D. Lerner, a principal of Lerner Enterprises.

“Tysons II, with over 1.4 million square feet of existing buildings, has less than a 1 percent vacancy rate, clearly one of the strongest in the Washington area.”

The new building continues Lerner Enterprises’ strategy of developing suburban office parks that focus on pedestrian amenities and public spaces, instead of automobile traffic.

The project is being designed with an enclosed pedestrian bridge across Tysons Boulevard that connects Tysons II to the Ritz-Carlton hotel, Palm Restaurant and the shops and restaurants of Tysons Galleria.

Typical offices in the building offer tenants about 29,000 square feet of space. They are organized around a courtyard with entrances to the office tower and retail and parking facilities.

The architect for the building is Kohn Pedersen Fox Associates. Diamond Property Co. of McLean is handling the leasing.

Lerner Enterprises says another 2.5 million square feet at the Tysons II complex is available for future development.

In other news …

Opus East this week obtained approval from the D.C. zoning commission for its first major project in the District.

The 240,000-square-foot, 12-story complex in Southeast Washington, called 100 M Street, is timed to take advantage of rapid development in the area.

When it is completed, which is scheduled for 2008, it would have enough space for about 1,000 workers next to the Navy Yard Metro station and across the street from the planned 1.2 million-square-foot Department of Transportation headquarters.

James Lee, Rockville-based Opus East’s chief executive officer, described the site as “a blossoming area of the city.”

The announcement of the 100 M Street building coincides with an effort by D.C. Mayor Anthony A. Williams to win support for a $230 million bond offering to help pay for the 42-acre Southeast Federal Center along the Anacostia River.

About $75 million of the money would pay for infrastructure improvements to benefit several redevelopment projects along the riverfront.

The 100 M Street building is designed by WDG Architecture in conjunction with Opus Architects & Engineers. Construction is to begin in late summer.

• Property Lines appears on Thursdays. Call Tom Ramstack at 202/636-3180 or e-mail [email protected]

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