Ted Lerner Built His Fortune With an Early Bet on Malls

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Ted Lerner Built His Fortune With an Early Bet on Malls
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Obituary: Ted Lerner, a real-estate developer who bought the Washington Nationals baseball team, has died at 97

As a boy, Ted Lerner worked as an usher at Griffith Stadium as a way of seeing his beloved Washington Senators play baseball. In high school, where he was known as “Silent Ted,” he played tennis and was editor of the student newspaper. Near the end of World War II, he served in the Army and was stationed in Texas.

His career as a lawyer was brief. In his first case, he represented a parking attendant accused of stealing cars. “I somehow got his sentence reduced from two years to six months,” Mr. Lerner wrote. “My client promptly left town without paying me. I figured there had to be a more rewarding way to make a living.”

At first, it didn’t seem like a sure bet. “Partners were dropping out of the thing,” Mr. Lerner told the Washington Post. “It was getting expensive to carry it.” He put more money into the venture. A turning point came when the Woodward & Lothrop department store company agreed to open a store at Wheaton Plaza. Other tenants signed up, including Montgomery Ward and the operator of a 48-lane bowling alley.

The Tysons Corner project was even more ambitious and required Mr. Lerner to outmaneuver a rival plan from James W. Rouse. In the early 1960s, Mr. Lerner showed his wife land he had acquired for that mall in Fairfax County, Va. “There was nothing there, just cows and a tractor and a log cabin,” he wrote later. His wife was skeptical, but Tysons Corner flourished.

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