• Ground Breaking Expected this Fall

BETHESDA, Md. (January 3, 2005) — Leasing is well under way for LCOR’s planned new mixed-use development at the White Flint Metrorail station in North Bethesda, Md., the Washington, D.C. regional office of LCOR Incorporated said today. The company expects to announce the first major retail tenants by midyear, with the project’s groundbreaking slated for this fall.

Through a competitive process, LCOR won the rights to develop this 32-acre site at the White Flint Metrorail station, which is a transportation hub for North Bethesda. LCOR’s master plan for the project includes approximately 1.2 million square feet of office space, 1,350 residential units and 200,000 square feet of retail space. The project is likely to include a grocery store, bookstore and home furnishings store, among other neighborhood retailers.

Leading the project’s leasing efforts are Transwestern Commercial Services (office component) and Madison Retail Group (retail component).

With an estimated cost of $650 million, this pedestrian-friendly development is expected to generate approximately 5,400 new jobs and almost 6,500 additional daily trips at the White Flint Metrorail station. This is the largest joint development project ever approved by the Washington Metropolitan Area Transit Authority (WMATA), which selected LCOR as its development partner.

Already, WMATA has broken ground on a 1,300-car parking garage on the site; it is expected to be completed this summer.

The project received a “Smart Growth Recognition Award” from the D.C. chapter of the Urban Land Institute and The Smart Growth Alliance, one of the first projects in the region to receive this prestigious designation.

LCOR’s project team includes RTKL Associates, Inc., of Baltimore, Md. as master planner and retail architect; Hellmuth Obata + Kassabaum of Washington as architect of the office buildings; and Dorsky Hodgson & Partners of Washington as architect of the residential buildings.