ROCKVILLE, Md., Jan. 12, 2012 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the execution of a 60,000 square foot lease with AMC Theatres (AMC) for a 12-screen theatre at Assembly Row, a 50+ acre mixed use development in Somerville, MA.
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Auditoriums at the new AMC Theatres location will feature upgraded seating, premium sound and 100 percent digital projection. AMC is also evaluating additional amenity possibilities including a Marketplace concession area, a MacGuffins bar and lounge area, where guests can enjoy a beer, wine or cocktail before, during or after the movie, and an IMAX auditorium.
"We're excited to partner with Federal Reality to become the entertainment anchor of the Assembly Row development," said Mark McDonald, executive vice president of Global Development at AMC Theatres. "The features and amenities we're including will make this a compelling entertainment destination and among the best theatres in the country."
"The execution of the AMC lease is important because it sets a tone for the development, cements a major anchor, and helps define our commitment to delivering a first class experience with one of the best movie exhibitors in the business," said Chris Weilminster, senior vice president, leasing of Federal Realty Investment Trust. "We are in negotiations with a strong lineup of iconic, nationally recognized retailers, restaurant concepts and entertainment venues that will make Assembly Row the vibrant destination that Federal Realty has always intended for the property. We look forward to making additional announcements of signed leases over the coming months as our retail lineup gets finalized."
Assembly Row is one of New England's largest in-progress developments, spanning over 50 acres and located directly on the Mystic River. It will offer 1.75 million square feet of build-to-suit office and lab space, up to 2,100 residential units, and an unparalleled mix of entertainment, iconic outlet shopping, dining, and open space.
"The execution of this lease comes just days after the closing of the AvalonBay Communities ground lease, paving the way for building construction at Assembly Row, and MBTA's formal issuance of the Notice to Proceed with the construction of the new Assembly rapid transit station," said Don Briggs, president Federal Realty Boston. "Assembly Row will be a great, experience driven destination neighborhood energized with a 24 hour environment. AMC will play an integral part in that and we are thrilled to partner with them."
Construction on the theater building is expected to begin in the spring of this year and open with the first phase of the Assembly Row development.
About Federal Realty
In 2012, Federal Realty celebrates 50 years of being a proven leader in the ownership, operation, and redevelopment of high quality retail real estate in the country's best markets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.3 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.3% leased to national, regional, and local retailers as of September 30, 2011, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 44 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information, please visit www.federalrealty.com.
About Assembly Row
Assembly Row is a mixed use development featuring 1.75 million square feet of build-to-suit office/lab space, 2,100 residential units, a 200-room hotel and 880,000 square feet of retail, including a 60,000 square foot movie complex. In the heart of this neighborhood, active urban commercial streets will be interspersed with sidewalk cafes, parks, retail shops, restaurants, bike lines and entertainment venues. Located at the very center of Greater Boston, this new development is accessible via Interstate 93 and with the newly planned Assembly Row T station, minutes to downtown Boston. For more information, please visit www.assemblyrow.com.
About AMC Theatres
AMC Theatres delivers distinctive and affordable movie-going experiences in 351 theatres
with 5,083 screens across the United States and Canada. AMC has propelled industry innovation and continues today by delivering premium sight and sound, enhanced food and beverage and diverse content. For more information, please visit www.AMCTheatres.com.
SOURCE Federal Realty Investment Trust