Lerner Enterprises

Last updated
Lerner Enterprises
Industry Real estate
Founded1952;72 years ago (1952)
Headquarters Tower Oaks
Rockville, Maryland, U.S.
Area served
 United States
OwnerLerner family
Website lerner.com

Lerner Enterprises is a company owned by the Lerner family that develops and invests in real estate in the Washington metropolitan area. The company has developed more than 20 million square feet of real estate.

History

The company was founded in 1952 by lawyer Ted Lerner, after he borrowed $250 from his wife. [1]

In 1958, the company developed its first shopping center, Wheaton Plaza (now Westfield Wheaton) in partnership with the Gudelsky family. [1]

Shortly thereafter, it bought 2 parcels of land in Tysons, Virginia. [1] In 1968, the company completed development of Tysons Corner Center. [2]

In 1972, the company completed development of Landover Mall in Prince George's County, Maryland, but the mall was closed and demolished in 2002. [3] The company solicited the site as a location for a new headquarters of the Federal Bureau of Investigation. [4]

In 2003, a joint venture between the company and Guggenheim Partners acquired 1275 K Street NW in Washington, D.C. from JBG Smith. [5]

In 2004, in partnership with Tower Companies, the company began development of a 300,000 square foot shopping centre in Virginia [6] and in 2008, the partners completed 2000 Tower Oaks Blvd, a LEED platinum building in Tower Oaks, which became both companies' headquarters. [7]

In 2007, the company completed construction of 20 M Street SE and in 2009, the Bureau of Land Management leased 94,435 square feet of space in the building. [8]

In 2008, the company began constructing a 2-tower combination Hilton Garden Inn and Homewood Suites by Hilton hotel in Rockville. [9]

In 2013, the company broke ground on a 433-unit apartment complex across the street from its Dulles Town Center project and in 2014, the company broke ground on additional developments at Dulles Town Center. [10]

In 2015, the company was subject to a lawsuit after it demolished portions of its White Flint Mall to redevelop the site, in violation of a lease with Lord & Taylor. [11]

In February 2016, the company sold 2 office buildings in Fairfax, Virginia. [12]

In 2016, the company completed development of 1775 Tysons in Tysons, Virginia. [13]

In 2018, the company announced that it was looking to sell the site of the former Landover Mall. [14]

On February 12, 2023, Ted Lerner died at age 97.

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References

  1. 1 2 3 Carlyle, Erin (October 8, 2013). "The Bet That Changed Billionaire Ted Lerner's Life". Forbes .
  2. ↑ MacGillis, Alec; Hedgpeth, Dana (October 9, 2006). "A Family That Plays Hardball In D.C. Stadium Negotiations and Vision for Anacostia Waterfront, City Discovers That With the Lerners, It's Always About Business". The Washington Post .
  3. ↑ Nakamura, David (May 16, 2006). "Mall's Comedown Taints Lerner Image". The Washington Post .
  4. ↑ Hernández, Arelis R.; O'Connell, Jonathan (July 14, 2017). "In Prince George's County, canceled FBI deal means back to the drawing board". The Washington Post .
  5. ↑ "Lerner Enterprises, Guggenheim Partners Buy DC Office/Retail Building". Commercial Real Estate Direct. July 3, 2003.
  6. ↑ Brubaker, Bill (December 12, 2004). "More Choices in Store for Dulles". The Washington Post .
  7. ↑ Plumb, Tierney (April 27, 2009). "2000 Tower Oaks Blvd. wins platinum LEED". American City Business Journals .
  8. ↑ Plumb, Tierney (August 13, 2009). "Bureau of Land Management to move into 20 M St. SE". American City Business Journals .
  9. ↑ Plumb, Tierney (July 25, 2008). "Lerner Enterprises starts on hotels in Rockville". American City Business Journals .
  10. ↑ Neibauer, Michael (February 18, 2014). "Lerner adding to Dulles Town Center with Nokes Plaza". American City Business Journals .
  11. ↑ O'Connell, Jonathan (August 14, 2015). "Jury awards $31 million to Lord & Taylor in White Flint dispute". The Washington Post .
  12. ↑ Rothstein, Ethan (February 15, 2016). "Bisnow Scoop: Lerner Sells Two Office Buildings In Fairfax". Bisnow Media .
  13. ↑ Banister, Jon (June 20, 2017). "Lerner Lands $200M Refinancing Deal For 1775 Tysons". Bisnow Media .
  14. ↑ Banister, Jon (October 31, 2018). "Former Landover Mall Site In Prince George's County Hits The Market". Bisnow Media .
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