Comment
0
Tweet
0
Print
RSS Feeds

Federal Realty Lands Lead Office Tenant For Pike & Rose

By Aaron Kraut

Tuesday - 7/8/2014, 9:05am  ET

019Pike&Rose

The developer of the new mixed-use neighborhood at the former Mid-Pike Plaza on Rockville Pike has a lead office tenant.

Rockville-based developer Federal Realty announced Monday that Bank of America Merrill Lynch will set up in 40,000 square feet of its 80,000-square-foot Class A office building part of Phase 1 of the Pike & Rose project.

The office building (11810 Grand Park Ave.) is one component of Phase 1 expected to deliver late this year or in early 2015. Surrounding the office use will be a luxury movie theater, Strathmore-operated music venue, Sport & Health club, City Sports, a group of high-end restaurants and apartment building.

Carol Nevins, director of the Maryland region for Merrill Lynch Wealth Management said in a press release the corporate and investment banking firm would consolidate its regional offices into its new space at Pike & Rose.

“Located just steps from the White Flint Metro, Pike & Rose will offer our clients and employees an exciting, convenient and amenity-rich environment that sets a new standard for Montgomery County,” Nevins said.

It’s also an important move for Federal Realty, which is hoping to create a neighborhood that’s lively all day on the former site of a strip shopping center.

“We think about what can we do to create the environment on the first floor,” said Federal Realty’s Evan Goldman in June at a Bethesda-Chevy Chase Chamber talk on local real estate trends. “What we found generally works for office and residential is pretty similar. If you have a great environment on the first floor, pedestrian-oriented streets, the right kind of urban park spaces, that works. We’re trying to do things that hit all day, the breakfast, lunch and dinner crowds.”

Goldman said he expects the Class A office building part of Phase 1 to be between 50 and 75 percent leased when delivered.