• Largest Office Lease in Suburban Maryland this Year

BETHESDA, Md. (October 23, 2009) — The Washington, D.C. regional office of LCOR and USAA Real Estate Co. announced today that the U.S. Nuclear Regulatory Commission (NRC) will occupy a new office building at North Bethesda Center, the mixed-use development rising at the White Flint Metrorail station in suburban Maryland.

An LCOR-USAA joint venture will develop the 14-story, 362,000 square foot office building for the U.S. General Services Administration under the terms of a 15-year lease. This represents the largest office lease signing in suburban Maryland this year.

The Nuclear Regulatory Commission will occupy the new building in North Bethesda. NRC's headquarters is located across the street on Rockville Pike.

The new building will be adjacent to the entrance of the White Flint Metrorail station on the Red Line. North Bethesda Center ultimately is expected to generate almost 6,500 additional daily trips at the Metro station as commuters leave their cars behind and ride Metro.

Groundbreaking is scheduled for March 2010, with completion expected by July 2012. Approximately 1,300 NRC employees will occupy the new building, which has been designed by HOK to meet LEED Silver certification standards as set by the U.S. Green Building Council.

“We're obviously pleased that the GSA selected our site, and are eager to develop a high-tech building that supports the NRC's needs,” said R. William Hard, executive vice president of LCOR. “We also look forward to building out the rest of North Bethesda Center in support of our joint development agreement with Metro and Montgomery County's plans for the area.”

LCOR is master developer of North Bethesda Center, which is being constructed in phases on a 32-acre site approximately halfway between downtown Bethesda and downtown Rockville. The Main-Street style, pedestrian-friendly development that links all the new buildings to the Metro station is planned to include 930,000 square feet of office space, 202,000 square feet of retail space, four apartment buildings and a hotel. North Bethesda Center is expected to generate approximately 5,400 jobs.

Phase I of North Bethesda Center, which includes Wentworth House apartments and a Harris Teeter supermarket, opened last year. For more information, visit www.NorthBethesdaCenter.com.

The project team for the new office building includes architect HOK and general contractor Turner. The building will be owned by North Bethesda Center Office One LLC, a joint venture of LCOR and USAA Real Estate Co. The Washington, D.C. office of Eastdil Secured served as capital markets adviser to LCOR in the transaction.

CBRE Government Services Group headed by Tim Hutchens, and Transwestern, with Phil McCarthy and Keith Foery, represented the joint venture in the lease transaction. Studley represented the GSA.

About the Nuclear Regulatory Commission

The Nuclear Regulatory Commission licenses and regulates the nation's civilian use of byproduct, source, and special nuclear materials to protect public health and safety, promote the common defense and security, and protect the environment. The Commission's headquarters staff of approximately 3,000 employees is located at White Flint and in several interim buildings in Bethesda, North Bethesda and Rockville. Occupancy of the new building will re-consolidate the NRC's headquarters staff near the White Flint Metrorail station.

About Metro's Joint Development Program

North Bethesda Center occupies land leased from the Washington Metropolitan Area Transit Authority as part of its Joint Development Program with developers. This program is the oldest and most successful program of its type in the U.S. Typically, Metro leases or sells land to developers to build transit-oriented projects around Metrorail stations. Notable projects include Bethesda Metro Center, Gallery Place and The Ellington on U Street. There are 20 completed projects and another 12 in various stages of completion.

ABOUT US • WHAT WE DO • OFFICES • SELECTED PROJECTS • PROPERTY WEBSITES • WHAT'S NEW • SEARCH

© 2007 LCOR Incorporated. All rights reserved.