SOMERVILLE, MASS. — Sports apparel and accessories company PUMA North America will open a new, 150,000-square-foot office headquarters at Assembly Row, a mixed-use destination in the northwestern Boston metro of Somerville. Federal Realty Investment Trust (NYSE: FRT) is developing Assembly Row.
The new headquarters will be located at 455 Grand Union Blvd. The new building will total 300,000 square feet upon completion, and will bring together PUMA’s two nearby offices in Boston and Westford. The company expects the space to house about 550 employees across five floors beginning in 2021.
The transit-served building also features a 19,000-square-foot roof deck complete with a recreational area and basketball court. Additional amenities include a fitness center, a kids’ room and bike storage.
“We need to be faster than ever in the way we react and adapt,” says Adam Petrick, PUMA’s global director of branding and marketing. “Somerville is a city buzzing with creative, diverse energy that will help us live out our ‘Forever Faster’ mentality.”
Assembly Row is a 40-acre project located along Interstate 93 and the MBTA Orange Line. The developer has launched Phase III of the project, which will feature more than $475 million in new development. Phase III will deliver a 500-unit apartment building with 30,000 square feet of ground-floor retail space. Preleasing is expected to begin in 2021.
Upon completion of Phase III, Assembly Row will feature more than 55 retail shops, 22 restaurants, 1,514 residential units, 1.1 million square feet of Class A office space and a 158-room Marriott Autograph Collection hotel. The project’s entitlement also allows for an additional 1.5 million square feet of commercial space and 329 residential units.
Michael Joyce of Cushman & Wakefield represented PUMA North America in the lease negotiations. Joe Flaherty of JLL represented Federal Realty Investment Trust.
FRT’s stock price closed at $125.91 per share on Friday, Jan 18, up slightly from $124.37 per share on Jan. 22 of 2018.
— Taylor Williams