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General Services Administration Renews Lease At 400 Army Navy Drive in Arlington, Virginia

Arlington, Virginia, May 7, 2008 – Lerner Enterprises of North Bethesda, Maryland, Washington, D.C.’s largest private real estate developer, has announced that is has secured a lease renewal for 235,983 square feet with the General Services Administration (GSA) on behalf of the Department of Defense at 400 Army Navy Drive in Arlington (Pentagon City), Virginia.

Built in 1964, 400 Army Navy Drive was renovated in 1986 and has been leased to the GSA since that time.  The building is within walking distance of both the Pentagon City and Crystal City Metro stations.  The building features panoramic views of downtown Washington, Northern Virginia and Washington Reagan National Airport.  The building is located directly off I-395 and is located across from the Pentagon.

The General Services Administration (GSA) serves as the centralized procurement and property management agency for the federal government.  The GSA manages more than one-forth of the government’s total procurement dollars and influences the management of $500 billion in federal assets including 8,300 government-owned or leased buildings and 208,000 vehicles.

"We are excited about our ongoing long-term relationship with the General Services Administration at 400 Arm  Navy Drive, and continue to look forward to our continued partnership at many of our other signature properties in the Washington, DC metropolitan area,” said Mark D. Lerner, a Principal of Lerner Enterprises.

The owner, 400 Army Navy Drive Associates Limited Partnership R.L.L.P. was represented by Lerner Corporation, the leasing and management affiliate of Lerner Enterprises and GSA was represented by the Washington, DC office of Studley, Inc.

For more information on the General Services Administration, please visit GSA.gov.

About Lerner Enterprises:

Lerner Enterprises of North Bethesda, MD, founded by Theodore N. Lerner in 1952, is Washington, DC's largest private real estate developer and is involved in all phases of office, retail and residential real estate including planning, development, construction, leasing, asset management and property management.  Lerner Enterprises has developed, and currently manages through Lerner Corporation, its leasing and management affiliate, more than 15 million square feet of office buildings, retail centers and residential communities.  Lerner's office portfolio has several well-known developments including: The Corporate Office Centre at Tysons II, McLean, VA; The Corporate Office Park at Dulles Town Center, Dulles, VA; Washington Square at 1050 Connecticut Avenue NW, 1133 Connecticut Avenue, NW and 20 M Street, SE in Washington, DC; Flint Hill Office Park, Fairfax, VA; White Flint North, North Bethesda, MD; 7799 Leesburg Pike, Falls Church, VA; Sterling Park Technology Center, Sterling, VA and  400 Army Navy Drive, Arlington, VA, among others.  Lerner’s newest office project, 2000 Tower Oaks Boulevard in Rockville MD, a 200,000 square foot world class office tower designed for LEED™ Gold certification will also be home of the organizations new corporate headquarters with an expected delivery of third quarter 2008.

  • 2000 Tower Oaks Boulevard.  A 200,000 sq. foot office building with a prestigious LEED™ Gold Green Building Certification located in Rockville, Maryland will be the new Headquarters of Lerner Enterprises and Lerner Corporation in October, 2008.  This project is a joint development with The Tower Companies of North Bethesda, Maryland.

  • The Falls at Flint Hill. A luxury residential community located in Oakton, Virginia will be home to 246 upscale apartments.  The project will begin delivery of phase one this fall.

  • 1775 Tysons Boulevard.  A 472,000 sq. foot Class ‘A’ office tower located in The Corporate Office Centre at Tysons II in McLean, Virginia is designed for a prestigious LEED™ Gold Green Building Certification.  The building will feature a skywalk to connect pedestrians to Tysons Galleria and the Ritz Carlton hotel.  Construction begins this fall with an expected delivery in late 2010.

  • Fallsgrove Executive Plaza; Fallsgrove Hilton Garden Inn & Homewood Suites.  A 120,000 sq. foot office building with ground level retail is designed to achieve a prestigious LEED™ Gold Green Building Certification, a 110-room Hilton Garden Inn hotel, and a 90-room Homewood Suites hotel will be located in Rockville, Maryland near I-270 across from Shady Grove Adventist Hospital and within the successful Fallsgrove community.  Construction begins this summer with an expected delivery of 2009 for all three projects.

  • 20 M Street, SE.  A 190,000 sq. foot Class ‘A’ office tower is located adjacent to the Navy Yard Metro Station and 1 block of the new Nationals Park in the Capital Riverfront District in Southeast Washington, D.C.  The project opened in mid-2007 and achieved a LEED™ Gold Green Building Certification.

  • Dulles 28 Centre.  A 300-acre master planned development located in Dulles, Virginia welcomed a 130,000 sq. foot Target in July 2007 and a new 150,000 sq. foot lifestyle shopping center including DSW, Eastern Mountain Sports, Petco and 30 stores and restaurants in November 2007.  Opening later this year, Dulles 28 Centre will also welcome Dulles 28 Auto Wash, a state of the art full service car wash and detailing center.  Dulles 28 Centre is a joint development with The Tower Companies of North Bethesda, Maryland.