Federal Realty Investment Trust Announces Lead Office Tenant For Pike & Rose
ROCKVILLE, Md., July 7, 2014 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) is pleased to announce Bank of America Merrill Lynch as the lead office tenant at Pike & Rose, the new transit-oriented, pedestrian-friendly, mixed-use neighborhood at the top of the White Flint District of North Bethesda. Bank of America Merrill Lynch will occupy 40,000 square feet, half of the 80,000 square foot LEED certified, Class "A" office building at 11810 Grand Park Avenue in Phase 1 of Pike & Rose.
Carol Nevins, director of the Maryland region for Merrill Lynch Wealth Management commented, "We are thrilled to consolidate and relocate our regional offices to the vibrant mixed-use environment of Pike & Rose. Located just steps from the White Flint Metro, Pike & Rose will offer our clients and employees an exciting, convenient and amenity-rich environment that sets a new standard for Montgomery County."
Delivering in late 2014 and early 2015, the initial first phase of Pike & Rose also includes approximately 500 high-end residential apartments; entertainment such as iPic Theaters and AMP, a performance venue associated with the Strathmore Hall Foundation; Sport & Health; retailers such as City Sports and The Gap; and restaurants such as Del Frisco's Grille and Lettuce Entertain You's Stella Barre Pizzeria and Summer House.
"Federal Realty is proud to welcome Bank of America Merrill Lynch, a world leader in wealth management and financial services to Pike & Rose as our lead office tenant," said Chris Weilminster, executive vice president - real estate and leasing at Federal Realty Investment Trust. "The commitment of a first class company like Bank of America Merrill Lynch further underscores the strength of Pike & Rose as a leading destination in this affluent region of Montgomery County."
About Pike & Rose
Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of the White Flint District in Montgomery County, Md., Pike & Rose is a pedestrian-oriented, urban-minded, mixed-use neighborhood. A key component in the area's revitalization efforts, Pike & Rose will ultimately encompass 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and a 300-room boutique hotel at full build out, all a block from the White Flint Metro Station.
Pike & Rose will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country. Like Santana Row in San Jose, CA., and Bethesda Row in Bethesda, MD., Pike & Rose will feature street level retail with apartments, offices and hotel space above - all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests and patrons alike will walk, shop, eat, live and work in an immersive experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area's most vibrant shops, eateries and entertainment, Pike & Rose will be the area's must-experience destination.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch is a leading financial institution, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 49 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 15 million mobile users. Merrill Lynch is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.6% leased to national, regional, and local retailers as of March 31, 2014, with no single tenant accounting for more than approximately 3.3% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
SOURCE Federal Realty Investment Trust