NORTH BETHESDA, Md.,
Oct. 25, 2021 /PRNewswire/ -- Federal
Realty Investment Trust (NYSE: FRT) today announced that Choice
Hotels International, Inc. (NYSE: CHH) has signed a long-term lease
to occupy 105,000 square feet in 915 Meeting Street, a new
276,000-square-foot trophy office building to be constructed at the
award-winning mixed-use development of Pike & Rose in
North Bethesda, Maryland.
"Pike & Rose has everything employers and employees are
looking for in office space today – convenient location with
excellent regional access and world-class amenities both inside and
outside of the building," said Wendy
Seher, the company's president of the east coast region. "We
are excited to add a company of the caliber of Choice Hotels to the
growing list of leading firms that have chosen a Federal Realty
office environment to help them attract quality talent and enhance
their brands."
915 Meeting Street will be a 16-story, state-of-the-art, LEED
Gold-targeted building featuring 9,600 square feet of ground floor
retail, approximately 25,000-square-foot flexible floor plates and
700 dedicated parking spaces. The building, designed by Gensler,
will incorporate a vibrant architectural design that includes
numerous amenities, such as a rooftop conference center with
collaborative common areas, WiredScore-targeted connectivity, a
fitness center, and resource-efficient sustainable and wellness
features.
Located in the rapidly emerging submarket of North Bethesda, 915 Meeting Street will sit
within the transit-oriented, LEED Gold-certified neighborhood of
Pike & Rose and its more than 400,000 square feet of
thoughtfully curated retail, services, dining, and entertainment
offerings. The new construction comes following the success of Pike
& Rose's 300,000 square feet of existing office product, which
includes tenants such as Bank of America, JLL, Industrious,
OneDigital and Federal Realty's corporate headquarters.
915 Meeting Street is expected to break ground later this year.
The building is 40% pre-leased to Choice Hotels, who plans to
relocate approximately 400 corporate employees from its current
headquarters beginning in December of 2023. Bernie McCarthy, executive managing director,
and Danny Sheridan, managing
director at JLL represented Federal Realty, and Steve London, vice chairman at Savills
represented Choice Hotels.
"It's been gratifying to see Pike & Rose become an
established neighborhood and the real estate of choice for multiple
uses," said Don Wood, chief
executive officer for Federal Realty. "The continued demand for
office at our mixed-use developments, coming from world-class
companies like Splunk and NetApp at Santana, Partners Healthcare
and PUMA at Assembly, and now Choice at Pike & Rose, validates
our track record of delivering a high-quality product that
capitalizes on the highly amenitized environments we have
created."
About Pike & Rose
Since its opening in 2014, the transit-oriented neighborhood has
grown to over 700,000 square feet, including over 50 thoughtfully
merchandized retail tenants. The selection of restaurants
(including Summer House Santa Monica, Fogo de Chao, &pizza,
sweetgreen, and Julii), retailers (including REI, Sephora,
L.L.Bean, Sur La Table, and Uniqlo), a state-of-the-art Porsche
dealership, and unique entertainment offerings (including iPic
Theaters, Pinstripes, Sports & Social, and AMP by Strathmore)
have created a one-of-a-kind retail environment. The neighborhood
is further enhanced by 99 luxury condominiums and penthouses
uniquely positioned above Canopy by Hilton, a 177-key boutique
hotel; 300,000 square feet of best-in-class office space with more
underway; 765 luxury apartments; and a 17,000-square-foot rooftop
farm. As of June 30, 2021, Federal
Realty's total investment at Pike & Rose is approximately
$710 million. To learn more, visit
www.pikeandrose.com.
About Federal Realty
Federal Realty is a recognized leader in the ownership,
operation and redevelopment of high-quality retail-based properties
located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's
mission is to deliver long-term, sustainable growth through
investing in communities where retail demand exceeds supply. Its
expertise includes creating urban, mixed-use neighborhoods like
Santana Row in San Jose, California, Pike & Rose in
North Bethesda, Maryland and
Assembly Row in Somerville,
Massachusetts. These unique and vibrant environments that
combine shopping, dining, living and working provide a destination
experience valued by their respective communities. Federal Realty's
105 properties include approximately 3,000 tenants, in 25 million
square feet, and approximately 2,900 residential units.
Federal Realty has increased its quarterly dividends to its
shareholders for 54 consecutive years, the longest record in the
REIT industry. Federal Realty is an S&P 500 index member and
its shares are traded on the NYSE under the symbol FRT. For
additional information about Federal Realty and its properties,
visit www.federalrealty.com.
Media Inquiries:
Brenda Pomar
Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com
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SOURCE Federal Realty Investment Trust