ROCKVILLE, Md., Feb. 8, 2012 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the execution of a 44,000 square foot lease with iPic Entertainment for an eight-screen theater, dining, and entertainment venue at Pike & Rose, its 24+ acre mixed use development in Rockville, Maryland.
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"Retailers cite Federal Realty's proven leadership in developing dynamic, immersive, mixed use destinations and our history of strong operations as key reasons they choose to launch their brands with us in our markets," said Don Wood, president and chief executive officer at Federal Realty Investment Trust. "iPic's approach to creating a best in class guest experience is what Federal Realty strives to do with each of our properties. Having iPic as our first anchor at this development sets the stage for an exciting mix of tenants to come and we are proud to have them premiere their experience with us on the east coast."
"iPic will join a long list of retailers that have chosen to launch their brands in new markets with Federal Realty. Nationally known retailers such as Bed, Bath & Beyond, The Container Store, Yard House and Trader Joe's have come to trust in our established approach to real estate and recognize the benefits of operating at our properties," said Chris Weilminster, senior vice president, leasing for Federal Realty Investment Trust.
iPic theaters are currently located in Arizona, California, Illinois, Wisconsin, Washington, and Texas. Federal Realty's Pike & Rose will bring this sought after entertainment experience to Montgomery County, Maryland, introducing a new way to enjoy a movie, music, wine, and food. iPic's all digital, state-of-the-art sound auditoriums and entertainment program will offer a number of options including:
- Never waiting in a ticket line thanks to iPic's free membership program and all reserved seating.
- Reserved premium plus seating that boasts reclining chairs, pillows and blankets, popcorn and in-cinema service for the first 20 minutes of a movie.
- Seating with unobstructed views featuring large micro-suede chairs complete with tables to enjoy an extensive food and beverage selection while enjoying the entertainment.
- In-cinema dining with fresh chef creations made on site at their restaurant.
In addition to the theater, iPic will also boast a signature restaurant, Tansy, and Salt, its spirited bar with an extensive beverage selection and a first-in-market "select and serve" wine tower. Pike & Rose residents and guests will be able to enjoy iPic's unique atmosphere and entertainment offerings even if a movie is not on their agenda.
"There is not another experience like iPic in this market, or on the east coast. It is a completely new and unique way of enjoying an evening out", said Wendy Seher, vice president, leasing for Federal Realty. "iPic is a best in class entertainment operator and the execution of this lease provides a clear indication as to the type of overall development and first class, experience-driven environment we are creating at Pike & Rose. We look forward to making additional announcements of signed leases as we break ground and begin construction this summer".
Pike & Rose is one of the east coast's largest in-progress developments, spanning almost 25 acres and located at the intersection of Montrose Parkway and Rockville Pike. It will offer 420,000 square feet of retail space, 1.1 million square feet of build-to-suit office space, up to 1,600 residential units, and an unparalleled mix of entertainment, shopping, dining, and programming. Construction on the iPic building is expected to begin in the fall of this year and open with the first phase of the Pike & Rose development in 2014.
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.
SOURCE Federal Realty Investment Trust