Ted Lerner’s bet on Silver Line gets its reward
By Jonathan O'Connell, July 30 at 1:11 PM
EY, the professional services firm previously known as Ernst & Young, is the latest company to bet on the now year-old Silver Line in Tysons.
The firm announced Thursday that it would lease 125,000-square-feet in 1775 Tysons Boulevard, the new office building being constructed by Lerner Enterprises, the real estate firm of Washington Nationals owner Theodore N. Lerner.
Va. Gov. Terry McAuliffe (D) enabled the deal by providing a $1.3 million grant from the Commonwealth’s Opportunity Fund. EY has agreed to invest $12 million and create 462 jobs in coming years as it expands there.
The governor’s office said in a press release that additional state funding will be available to support the company’s “employee training activities” but did not specify the amount.
Lerner made his name building in Tysons Corner over the past 60 years, and the deal signals initial success in the Silver Line era despite above-average vacancy levels throughout most of Northern Virginia.
Lerner initially began work on the 17-story, 476,000-square-foot tower in 2011, only to put the brakes on as the market stumbled a few years out of the recession.
The company restarted work shortly thereafter and now it has been rewarded. EY’s plans to occupy a quarter of the building, part of The Corporate Office Centre at Tysons II, beside the Tysons Corner station on Metro’s Silver Line. Construction is scheduled to be complete late this year.
EY’s current offices are only moving about a mile, from 8484 Westpark Dr. But the company’s decision matches those of other major employers that have upgraded to locations near public transit, into buildings with more efficient workspaces, better environmental features and walkable access to restaurants and other amenities.
“At EY, we are committed to investing in great people and developing future leaders. In order to create an environment that supports our people and fosters high performance teaming, we need state-of-the-art offices that bring our people together,” said Kevin C. Virostek, greater Washington managing partner of EY, in a press release.
1775 Tysons Boulevard will likely be one of the most environmentally advanced buildings in the region, designed to achieve platinum status under the LEED building rating system. It would be the first building in Tysons to do so.
Mark D. Lerner, a principal of his father’s firm, credited the building’s “location adjacent to a Metro station, its many in-building amenities, proximity to Founding Farmers, the Palm Restaurant and Tysons Galleria, and a LEED Platinum design promoting a healthy and sustainable workplace.”
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