Federal Realty Investment Trust
) disclosed that it has booked Bank of America Merrill Lynch, the
corporate and investment banking division of
Bank of America Corporation
) as anchor office tenant at the Pike & Rose in North Bethesda,
MD. The deal signifies the demand of this new mixed-use
neighborhood center in the prosperous region of Montgomery
In particular, Bank of America Merrill Lynch will inhabit 40,000
square feet at the Class 'A' office building in Phase 1 of Pike
& Rose. The LEED certified office property spans 80,000 square
As a matter of fact, the initial phases of the Pike & Rose
will be delivered in late 2014 and early 2015. It will have around
500 luxurious apartments, several entertainment options and various
renowned retailers and restaurateurs such as
The Gap, Inc.
Del Frisco's Restaurant Group, Inc.
) and Stella Barre Pizzeria of Lettuce Entertain You.
This current deal with the leading wealth management and
financial services' firm is strategic fit for Federal Realty and is
expected to enhance the value of Pike & Rose. In fact, going
forward, we believe that with such a diversified tenant base and
location of shopping centers in densely populated and prosperous
communities in the top U.S. markets, Federal Realty is well poised
to enjoy a stable source of rental revenue.
Federal Realty is scheduled to report its second-quarter 2014
results on Aug 7, after the closing bell. The Zacks Consensus
Estimate for the same is pegged at $1.21, representing
year-over-year growth of 6.36%.
This retail real estate investment trust (REIT) currently
carries a Zacks Rank #3 (Hold).
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