• $450-Million Mixed-Use Development in North Bethesda is Largest Joint Development Project Ever Approved by the Authority
• Selection Reflects LCOR’s Expertise in Transit-Oriented Development

BETHESDA, Md. (February 27, 2001) — The Washington Metropolitan Area Transit Authority (WMATA) announced recently that it signed a joint agreement with LCOR White Flint LLC for the development of a 32-acre parcel of land adjoining the White Flint Metrorail station in North Bethesda, Maryland. WMATA serves the Washington, D.C. area, including suburban Maryland and Northern Virginia. LCOR Incorporated is a national real estate firm with a specialty in public/private developments, particularly transit-oriented projects.

Under the terms of the agreement, LCOR will develop the property under a long-term land lease from WMATA. Current plans call for a mixed-use development including 1.2 million square feet of office space, 200,000 square feet of retail space and 1,338 apartments. The project is expected to generate an estimated 6,496 additional daily Metro trips at the White Flint station.

"Our Joint Development Program is reaping tremendous dividends for local jurisdictions and Metro alike," said Metro Board Member Carlton R. Sickles. “LCOR understands and appreciates our goals for this project, the community and the Metro system. With their expertise in public/private development, they are well-suited to be our development partner.”

LCOR Senior Vice President Timothy D. Smith added, “This is an unparalleled opportunity to realize smart-growth development adjacent to a transportation hub, and to implement the long-standing vision of the community to create a town center for the North Bethesda area.”

A national real estate development firm, LCOR specializes in structuring and implementing public/private developments. With nine offices in the United States, including a Washington regional office in Bethesda, Maryland, the firm is involved with eight major transit-oriented developments (TODs) across the country, with a combined project value of more than $5 billion. Additionally, LCOR has developed in excess of 20,000 apartments and more than 14,000,000 square feet of office space nationally.

Other LCOR public/private developments include the largest airport privatization contract in the country - the $1.4 billion renovation, expansion and operation of the International Air Terminal (at JFK Airport) in partnership with The Port Authority of New York and New Jersey, and the proposed $1.6 billion Delta Air Lines expansion at JFK Airport. In the metropolitan Washington, D.C., area, the General Services Administration (GSA) recently awarded LCOR the 2.4 million square foot relocation of the United States Patent and Trademark Office, to be constructed at LCOR’s site at the Carlyle mixed-use development in Alexandria, Virginia. This transaction represents the largest lease ever signed by the GSA.

Working with LCOR on the WMATA development is a world-class design team including RTKL Associates, as Master Plan and Retail Architects, Hellmuth Obata & Kassabaum for the office component, and Dorsky Hodgson and Partners as the Residential Architect.