Federal Realty to Move Headquarters to Pike and Rose

Federal Realty announced that it has topped out at 909 Rose in North Bethesda’s Pike & Rose neighborhood. The 200,000-square-foot Class A office building will include Federal’s new headquarters. 

“Federal is proud to work with DAVIS Construction for the first time. With more than 100 years of combined history in Montgomery County, it has been great to partner on a project that will bring an additional 1,000 office employees to the Pike & Rose neighborhood each workday,” said Jay Brinson, Director of Development, Federal Realty.

“The topping out of 909 Rose is a testament to the full team effort that contributed to this project,” said Tyler Moyer of DAVIS Construction. “There was a great deal of rain at the start and we thought we might fall behind schedule. However, we prevailed to meet the project timeline thanks to Miller & Long who stepped up to the plate and got it done.”

909 Rose is a new, mixed-use, 200,000-square-foot Class A office building with ground floor retail. The building includes a dedicated office lobby with shared amenity spaces including a fitness center with full service locker rooms, bike storage, and a rooftop lounge and terrace. With a Wired Silver Certification, 909 Rose is the most interconnected and cloud-ready office building in the Washington Metro region.

Offering a Federal Realty planned and managed neighborhood, 909 Rose is easily accessible from all major highways and public transportation (one block to Metro’s Red Line), and has abundant on-site parking.

Since its opening in 2014, the transit-oriented neighborhood has grown to 391,000 square feet, including over 40 tenants of thoughtfully merchandized retail space. The selection of restaurants (including Summer House Santa Monica, Fogo de Chao, &pizza, Baked Bear and Julii), retailers (including REI, Sephora, H&M, L.L.Bean and Sur La Table), a state-of-the-art Porsche dealership, and unique entertainment offerings (iPic Theaters, Pinstripes and AMP by Strathmore) have created a one-of-a-kind retail environment. The neighborhood is fully enhanced by the offerings of 99 luxury condominiums and penthouses uniquely positioned above Canopy by Hilton, a 177-key boutique hotel; 80,000 square feet of fully leased best-in-class office space; 765 luxury apartments; and a 17,000-square-foot rooftop farm.

Upon completion of Phase III, total investment at Pike & Rose will be approximately $700 million. For additional information about Pike & Rose, visit www.pikeandrose.com.

Federal Realty requests faster creation of Pike District amenities

From Bethesda Beat

Earlier this month, Federal Realty’s chief executive officer sent County Executive Ike Leggett and the County Council a letter airing grievances related to development in the White Flint area near Pike & Rose in North Bethesda. CEO Donald Wood complained that road upgrade projects have fallen behind schedule, progress is sluggish on creating parks and civic spaces and the county isn’t adequately following through on the goals outlined in the White Flint Sector Plan passed in 2010. Moreover, the county hasn’t seemed receptive to Federal Realty Investment Trust’s push for financial incentives for a new office project, he wrote.

The four-page letter concluded with a list of requests—that the county condemn a piece of property necessary to complete the “Western Workaround” road project; furnish the company with financial incentives to construct a 210,000-square-foot office building at Pike & Rose; build a street grid in White Flint West; build a new Metro entrance; and build a civic green at the center of White Flint, among other items. Wood included suggested deadlines, written in bold, for several of the requests.

In response, the county’s chief administrative officer, Timothy Firestine, wrote that market forces, decisions of private property owners and strict state policies have all reined in the pace of White Flint’s transformation. These factors are largely out of the county’s hands, he said.

Amy Ginsburg, executive director of the advocacy group Friends of White Flint, said she understands Federal Realty’s frustration and desire to see parks and road improvements materialize. She also sympathizes with the constraints the county faces because of the roles played by the state and private landholders.

“Everyone wishes the county could wave a magic wand and poof! We’d have everything that’s in the plan tomorrow,” she said. “And it sadly doesn’t work that way.”

You can read the rest of the article at Bethesda Beat. (And we urge you to do so — this is an important and interesting issue for the White Flint/Pike District area.)

You ought to also read the actual letter Federal Realty sent to Montgomery County and Montgomery County’s official response.

 

Q&A with Jill McCarthy, Director of Marketing Federal Realty Investment Trust

From Meetings Today

Tell me more about the Pike & Rose neighborhood and what it brings to Montgomery County’s offerings.
Pike & Rose is truly at the heart of it all. At the crossroads of Rockville Pike, Montrose Parkway and Old Georgetown Road, the neighborhood is centrally located at the intersection of Montgomery County, Maryland’s main thoroughfare. Pike & Rose offers urban amenities and suburban conveniences. First-to-market and unique experiences abound, including a live-music venue, AMP by Strathmore, and iPic theaters, with more on the way. Popular restaurants such as Summer House Santa Monica and Owen’s Ordinary are great meet-up spots for after-work happy hours, while our fast casuals are perfect for a quick lunch on the run. Well-known retailers, including Gap and Nike, anchor the neighborhood for great shopping. The neighborhood is rounded out by a robust event schedule for all ages, including seasonal block parties and monthly Ladies Night Out events.

What’s happening next for the development?
Phase 2 is currently under construction, and we’ll see the much anticipated opening of our next partner, REI, in spring 2017. Late summer and early fall sees the extension of Grand Park Avenue and the opening of retailers such as H&M, Sur La Table and Pinstripes. We’ll also open our third luxury residential apartment building and a public open green space, along with a number of yet-to-be announced retailers and restaurants. Early 2018 will see the opening of Canopy by Hilton, topped by 930 Rose, our now-for-sale luxury condominiums.

What are some of Pike & Rose’s offerings for business groups?
In addition to the businesses that office at Pike & Rose, including Merrill Lynch/Bank of America, Regus and Hilti, local, regional and international businesses have gathered to meet at Pike & Rose. From rental space available at AMP by Strathmore for day-long conferences and evening social events, to private dining at restaurants such as City Perch and Del Frisco’s, and more casual coffee meet-ups at La Madeleine, Carluccio’s or Starbucks, many business groups have expanded the four walls of their offices into the neighborhood for creative, informative and unique meeting and networking opportunities.

We’ll miss you, Evan

It is with great sadness that we announce that Evan Goldman, one of the godfathers of the White Flint sector plan, has left Federal Realty and the Friends of White Flint board.  Evan will now be working with Bethesda-based developer EYA.

In many ways, the Pike District exists because of Evan’s passion, vision, and perseverance. We will miss Evan greatly, and we hope that he finds a way to involve his new company in Friends of White Flint and in the Pike District.

Please see an extensive article about Evan’s job change here.