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Lerner’s 1775 Sees Activity With Metro Near Completion

Navid Roshan-Afshar
@thetysonscorner
January 10, 2013

About 6 months ago the once bustling Tysons II property known as 1775 Tysons Boulevard, owned by Lerner Enterprises, shut down all construction. The open pit of steel stockpiles and front loaders weaving around surveyors transmuted into an open prairie, acting as a refuge for wayward wildlife. The project appeared to have been suspended until market conditions, or a prospective large leasing partner, warranted the costly vertical construction.

No announcements of a lease partner has occurred, no massive shift in the market conditions, but activity has returned to the quiet corner of Tysons. We asked in a previous post whether Lerner might be urged to re-start construction after the announcement of Intelsat coming to Tysons… across the street to the speculative Tysons Tower by Macerich. Perhaps watching the previously owned property, with nearly identical statistics to Tysons II, draw such a premium partner has steeled Lerner’s appetite for risk?

1775 Tysons Boulevard is an important property. It is at the forefront of central Tysons, acting as a first welcome for thousands of 495 commuters and countless mall goers. The combined impact of the new 18-story tower along side the Ritz and 1800 Tysons Boulevard as well as the new three high-rise Tysons Tower project will be an important first impression as the Silver Line trains begin to come into town. Both properties are within 500 feet of the new Tysons Mall metro stop and this hill, near the highest point in Tysons, has always been a striking feature of the skyline from Route 123.

Why Lerner Enterprises has renewed interest in 1775 may not be determined until some announcement is made, likely down the line. My guess is that there is a negotiation going on with a leaser, and the construction progression is being used to strengthen Lerner’s position, implying that construction can move forward with or without the partner. Either way, 1775 may only be one of a half dozen high rises under construction within 1/4 mile of the Tysons Metro stop, an indication that this part of town is about to see a transformation never before seen in Fairfax County.




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