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 County.
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 Barra Pizzeria of Lettuce Entertain You Enterprises.
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).
(We are reissuing this article to correct two small mistakes.
The original article, issued yesterday, July 8, 2014, should no
longer be relied upon.)
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
FED RLTY INV (FRT): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis
GAP INC (GPS): Free Stock Analysis Report
DEL FRISCOS RST (DFRG): Free Stock Analysis
To read this article on Zacks.com click here.