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Washington, D.C., June 23, 2005 - Lerner Enterprises, one of Washington, D.C.'s premier real estate developers, will begin development of a new ten story, 190,000 square foot, Class 'A' office building to be located at 20 M Street, S.E., adjacent to the Navy Yard Metro Station in Washington, D.C.  Construction will begin this Summer and completion is scheduled for Summer, 2007.

The decision to begin construction was spurred by the recent completion of the renovation and rehabilitation of numerous buildings inside the Navy Yard for NAVSEA Command, as well as the commencement of construction of the adjacent Southeast Federal Center and the new 1.5 million square foot headquarters of the United States Department of Transportation.  In addition, retail, residential and hotel developments are underway in this newly developing market.  The site is directly adjacent to the Navy Yard metro station and just two blocks from the future baseball stadium for the Washington Nationals.

The project was designed by WDG Architects of Washington, D.C., a nationally renowned architectural design firm.  Conceived as the next generation of downtown commercial developments, the building will be a bold modern expression of transparent glass and silver metal banding, rising above the surrounding streetscape.  The building design includes an elegant lobby with concierge, state of-the-art elevators and mechanical systems, and four levels of underground parking.  The street level is planned for complementary retail including a restaurant, café and financial services.

The building has been designed to be "Green" and will be submitted to the Green Building Council for LEED certification.  In addition to being environmentally friendly, special emphasis has been placed on energy and resource conservation and the provision of a healthy indoor environment for tenants and visitors.

"Green" features designed into the building include:

20 M Street will be the first office building seen as one enters the "main street" of the new Southeast submarket along M Street from South Capitol Street.  Office leasing services for the building will be performed by Diamond Property Company of McLean, Virginia.  The General Contractor will be The Whiting-Turner Contracting Company of Baltimore, Maryland.  Property management and retail leasing services will be provided by Lerner Corporation, an affiliate of Lerner Enterprises.

"Lerner Enterprises is excited about developing 20 M Street, which is one of the premier office development sites in Southeast Washington," stated Mark D. Lerner, a principal of Lerner Enterprises.  "Lerner's vision and commitment to this area's revitalization has been inspired by the strength of this  rapidly emerging market and the direct access provided by the Navy Yard Metro Station. Being in the immediate proximity of the Southeast Federal Center and the future home of the Washington Nationals, gives us the confidence to begin construction of 20 M Street, on a fully speculative basis."

In addition to 20 M Street, Lerner's current projects include:

Lerner Enterprises, founded in 1952 by Theodore N. Lerner, is Washington, D.C.'s largest private real estate developer and is involved in all phases of office, retail, hotel, sports & entertainment and residential real estate including planning, development, construction, leasing, and asset and property management.

Among its extensive office portfolio is The Corporate Office Centre at Tysons II, The Corporate Office Park at Dulles Town Center, Flint Hill Office Park, Parkview Executive Center, 7799 Leesburg Pike, Vintage Park, Sterling Park Business Center, Beaumeade Corporate Park and 400 Army Navy Drive in Northern Virginia; Fallsgrove Village Office Center and White Flint North in Maryland; Washington Square at 1050 Connecticut Avenue and 1133 Connecticut Avenue in Washington, D.C.

Additional information on 20 M Street is available at:



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