NORTH BETHESDA, MD. — Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust based in Rockville, has topped out 915 Meeting Street, an office tower underway within the company’s Pike & Rose mixed-use development in North Bethesda. The building rises 16 stories and will comprise 250,000 square feet of office space upon completion, as well as 545 parking spaces and 6,000 square feet of ground-floor retail space.
Choice Hotels International Inc. signed a lease last year to occupy nearly half of the office tower for its new corporate headquarters. Sodexo, a food services and facilities management company based in Paris, is another notable tenant that has preleased office space at 915 Meeting Street.
General contractor Clark Construction Group and architectural firm Gensler lead the development team, which is targeting LEED Gold certification for the tower.
“915 Meeting Street is our newest trophy building offering to the market,” says Jay Brinson, vice president of development at Federal Realty. “This collaborative effort with our partners at Clark and Gensler has resulted in a building that is 60 percent [preleased].”
Clark Construction broke ground last December on 915 Meeting Street. With vertical construction complete, the firm is focused on building out the interiors and finishing the glass curtainwall façade, which will feature a design using metal and concrete panels.
Clark Construction Group has finished vertical construction at 915 Meeting Street.
In addition to upscale offices, amenities at 915 Meeting Street will include a rooftop conference center, common areas and fitness center. The design-build team plans to deliver the project in the third quarter of 2023.
Pike & Rose spans 24 acres in North Bethesda, which is about 11 miles north of Washington, D.C. The mixed-use development houses 50 retailers, as well as offices, 765 apartments and a tower that features 99 high-end condominiums atop a 177-room Canopy by Hilton hotel. Notable tenants at Pike & Rose include REI, Sephora, L.L. Bean, Porsche, iPic Theaters, Fogo de Chao and Pinstripes.
Federal Realty is a prominent owner and developer of shopping centers and retail-oriented mixed-use campuses in coastal markets. The firm’s portfolio spans 104 properties housing approximately 3,100 tenants across 25 million square feet, including approximately 3,400 residential units. The company’s portfolio includes Bethesda Row in Bethesda; Santana Row in San Jose, Calif.; and Assembly Row in Somerville, Mass.
Federal Realty’s stock price closed on Friday, Nov. 18 at $108.41 per share, down from $129.85 a year ago, a 16.5 percent decline.
— John Nelson