Lerner Enterprises

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Lerner Enterprises
Industry Real Estate
Founded 1952; 65 years ago (1952)
Headquarters Tower Oaks
Rockville, Maryland
Owner Ted Lerner
Website www.lernerenterprises.com

Lerner Enterprises is a company owned by Ted Lerner and his family that develops and invests in real estate in the Washington metropolitan area. The company has developed more than 20 million square feet of real estate.

History[edit]

The company was founded in 1952 by lawyer Ted Lerner, after he borrowed $250 from his wife.[1]

In 1958, the company developed its first shopping center, Wheaton Plaza (now Westfield Wheaton) in partnership with the Gudelsky family.[1]

Shortly thereafter, it bought 2 parcels of land in Tysons Corner, Virginia.[1] In 1968, the company completed development of Tysons Corner Center.[2]

In 1972, the company completed development of Landover Mall in Prince George's County, Maryland, but the mall was closed and demolished in 2002.[3] The company solicited the site as a location for a new headquarters of the Federal Bureau of Investigation.[4]

In 2003, a joint venture between the company and Guggenheim Partners acquired 1275 K Street NW in Washington, D.C. from JBG Smith.[5]

In 2004, in partnership with Tower Companies, the company began development of a 300,000 square foot shopping center in Virginia [6] and in 2006, the partners began development of a 198,000 square foot office building at 2000 Tower Oaks Blvd in Tower Oaks.[7] The company moved its headquarters to the building when it was completed in 2008.

In March 2007, the company completed construction of 20 M Street.[8] In 2009, the company leased 94,435 square feet of space in the building to the Bureau of Land Management.[9]

In 2008, the company began constructing a 2-tower combination Hilton Garden Inn and Homewood Suites by Hilton hotel in Rockville.[10]

In 2013, the company broke ground on a 433-unit apartment complex across the street from its Dulles Town Center project.[11] In 2014, the company broke ground on additional developments at Dulles Town Center.[12]

In 2015, the company was subject to a lawsuit after it demolished portions of its White Flint Mall to redevelop the site, in violation of a lease with Lord & Taylor.[13]

In February 2016, the company sold 2 office buildings in Fairfax, Virginia.[14]

In 2016, the company completed development of 1775 Tysons in Tyson's Corner, Virginia.[15]

References[edit]

  1. ^ a b c Carlyle, Erin (October 8, 2013). "The Bet That Changed Billionaire Ted Lerner's Life". Forbes. 
  2. ^ MacGillis, Alec; Hedgpeth, Dana (October 9, 2006). "A Family That Plays Hardball In D.C. Stadium Negotiations and Vision for Anacostia Waterfront, City Discovers That With the Lerners, It's Always About Business". The Washington Post. 
  3. ^ Nakamura, David (May 16, 2006). "Mall's Comedown Taints Lerner Image". The Washington Post. 
  4. ^ Hernández, Arelis R.; O'Connell, Jonathan (July 14, 2017). "In Prince George’s County, canceled FBI deal means back to the drawing board". The Washington Post. 
  5. ^ Edelin, Jacques (July 11, 2003). "Joint Venture Acquires 1275 K St.". CoStar Group. 
  6. ^ Messett, Kevin (November 18, 2004). "Lerner And Tower To Develop Dulles 28 Centre". CoStar Group. 
  7. ^ Bates-El, Donnise (June 30, 2006). "Tower Cos. & Lerner to Develop MD Office Site". CoStar Group. 
  8. ^ Sumner, Jennifer (March 13, 2007). "New Office Bldg. Opens in Washington, D.C.". CoStar Group. 
  9. ^ Franklin, Sam (August 14, 2009). "Lerner Signs Bureau of Land Management at 20 M Street". CoStar Group. 
  10. ^ Plumb, Tierney (July 25, 2008). "Lerner Enterprises starts on hotels in Rockville". American City Business Journals. 
  11. ^ McClain, Ashley (May 29, 2013). "Lerner Enterprises Breaks Ground on Dulles Multi-Family Development". CoStar Group. 
  12. ^ Neibauer, Michael (February 18, 2014). "Lerner adding to Dulles Town Center with Nokes Plaza". American City Business Journals. 
  13. ^ O'Connell, Jonathan (August 14, 2015). "Jury awards $31 million to Lord & Taylor in White Flint dispute". The Washington Post. 
  14. ^ Rothstein, Ethan (February 15, 2016). "Bisnow Scoop: Lerner Sells Two Office Buildings In Fairfax". Bisnow Media. 
  15. ^ Banister, Jon (June 20, 2017). "Lerner Lands $200M Refinancing Deal For 1775 Tysons". Bisnow Media.