BETHESDA, Md. (July 16, 2007) — The Washington, D.C. regional office of LCOR Incorporated, the real estate development and investment company, announced today that an affiliate of the firm has secured a $42.8 million construction loan for the development of two Class-A office buildings in the Carlyle area of Alexandria, Va. The four-story buildings will be located at 1900 and 2050 Ballenger Avenue. The company also said that it has broken ground on the project, with delivery of the buildings expected in October 2008.

The construction loan was provided by Bank of America (Philadelphia). The total development cost is $58 million.

Combined, the two brick buildings will boast 91,000 square feet of office space, 37,000 square feet of retail space and underground parking, complemented by pocket parks alongside both buildings. The site is adjacent to the U.S. Patent and Trademark Office headquarters campus, and across from a new Westin hotel due to open later this year. Additionally, the two corner buildings will be a short walk from both the King Street and Eisenhower Avenue Metrorail subway stations, directly accessible to Interstate 495, convenient to Ronald Reagan National Airport, and minutes from downtown Washington, D.C.

“The Carlyle submarket of Alexandria has an office vacancy rate of less than one percent, which makes this development opportunity all the more attractive both short and long-term,” said R. William Hard, Executive Vice President of LCOR. “We expect space in these buildings to be highly appealing to firms doing business with the Trademark Office or that want a close-in Northern Virginia/D.C. location.”

LCOR’s project team includes general contractor Turner Construction (Arlington, Va.) and architect Still & Svitchan Associates (Washington, D.C.). Transwestern Retail (Washington, D.C.) is providing retail brokerage services, with McShea & Company (Reston, Va.) serving as office broker. LCOR will own and manage the buildings upon their completion.

Based in Berwyn, Pa., LCOR is a national real estate development and investment company. The firm’s portfolio includes more than $8 billion of properties completed, under construction or in pre-development.

LCOR has a 35-year presence in the Washington area. The company, which specializes in mixed-use, multifamily and office properties, developed and manages the U.S. Patent and Trademark Office headquarters campus in Alexandria, Va. LCOR is developing North Bethesda Center, a 2.7 million square foot mixed-use, town-center-style development at the White Flint Metrorail station in North Bethesda, Md.

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