Atlantic Realty & Carr Enterprises Break Ground On 500 Maple - Pearson Square in Falls Church, VA; Major Mixed Use Project Includes Office, Retail, Residential & Arts Space.

FALLS CHURCH, Va. -- Atlantic Realty Companies, one of the largest real estate developers in the Washington, DC region, and Carr Enterprises, LLC, a premier local developer with a long and proud history in the metropolitan area, break ground today on 500 Maple - Pearson Square, a major mixed use complex in the heart of Northern Virginia.

Located in the City of Falls Church, the project includes two buildings on 4.7 acres -500 Maple, an 85,000 sq. foot, five story office building, developed by Atlantic, and Pearson Square, a 349,000 sq. foot, six story building with 230 residential condominiums developed by Carr. The project includes 27,000 sq. feet of ground floor retail, underground parking and 3,000 sq. feet of arts flex space. The completion for the office and residential buildings is scheduled for summer of 2006 and early 2007, respectively.

David A. Ross, president of Atlantic Realty, and Adam B. Schulman, principal, Carr Enterprises, are hosting today's groundbreaking event and will welcome local officials including Falls Church Mayor Daniel Gardner, Daniel McKeever, the City Manager, and Richard Goff, the City's Director of Economic Development.

Atlantic Realty executives worked closely with City officials and the community throughout the planning and approval process for the project, which includes the largest office structure built in Falls Church since the 1980s. Mayor Gardner has described the project as a "win-win situation" for the city, which anticipates $1 million annually in new tax revenue from the project.

Designed by DVA Architects of Gaithersburg, MD, 500 Maple will feature a brick facade, a handsome vaulted lobby, and 8,700 sq. feet of street level retail surrounding a spacious plaza with brick pavers. The residential building, designed by WDG Architecture of Washington, DC, includes an articulated brick facade with balconies, as well as 9' ceilings in all units. An additional 19,000 sq. feet of street level retail and pool are among the amenities. Both properties include structured parking. The residential retail space is offered for sale and is being marketed by Leonard Brown of Atlantic Realty at 703-760-9500 or [e-mail]. Scott Leachman of Trammell Crow at 202-295-3394 or [e-mail] is managing the leasing of the office retail.

Based in Vienna, VA, Atlantic Realty Companies (www.arcrealty.com) is a full service commercial real estate company with a portfolio of over six million square feet of properties valued at more than $750 million. Since its founding in 1992, the company has earned numerous awards including the Ernst & Young Greater Washington Entrepreneur of the Year Award in Real Estate/Construction.

Richard W. Carr and Adam B. Schulman, the principals of Carr Enterprises, LLC of Washington, DC, have been involved in local real estate development for decades and currently have over $210 million of condominium projects under construction in the area. In addition to developing residential, commercial and educational facilities, the company maintains responsibility for placing financing and equity for many of its projects.

(For more information regarding 500 Maple, contact David A. Ross, [e-mail] or 703-760-9500; for more information on Pearson Square, contact Adam B. Schulman, [e-mail] or 202-303-3074.)