Pike & Rose Signs Six Restaurant Tenant Leases
A Collection of Best in Class Dining Options Builds on Strong Foundation for Phase One
ROCKVILLE, MD (August 21, 2013) – Federal Realty Investment Trust (NYSE:FRT) today announced the execution of six new tenant leases that will bring upscale and fast-casual dining options to Pike & Rose, the first major project to break ground in the designated White Flint District since the approval of the White Flint Sector Plan. The restaurants will feature American, European and Asian fare, and will open within Phase One of Pike and Rose in Fall 2014.
“Phase one will represent the premiere dining and entertaining collection in the White Flint District,” said Evan Goldman, Vice President of Development for Federal Realty Investment Trust. In addition to the six new restaurants, the collection includes the first iPic Theater in the region, along with its signature restaurant, Tanzy, and signature bar, Salt Bar. There is also a 250-seat music venue being developed in partnership with Strathmore Hall Foundation.
The six new tenants include:
Del Frisco’s Grille: Del Frisco’s Grille is a modern bar & grill dishing up creative twists on American comfort classics. In 2012, Del Frisco’s Grille was honored by Nation’s Restaurant News as the winner of the 18th annual Hot Concepts Award and Del Frisco’s Grille in Rockefeller Center was distinguished by the New York City Association of Hotel Concierges as the winner of the 2012 Concierge Choice Award for Casual Dining, an honor given to those who create exceptional experiences for New York City visitors. This will be the second DC-area location for Del Frisco’s Restaurant Group, whose 8,500 square foot Pennsylvania Avenue location opened to acclaim in July of 2012.
“We are excited to welcome our new friends and neighbors at Pike & Rose to Del Frisco’s Grille with our warm, genuine hospitality,” said Mark S. Mednansky, CEO of Del Frisco’s Restaurant Group. “We are thrilled to have such wonderful real estate partners and have strategically chosen the most dynamic locations in cities with exciting growth and vibrant dining scenes.”
Protein Bar: Chicago favorite Protein Bar - known for serving healthy food, only healthier - offers flavorful food in a hip, trendy environment. Protein Bar’s menu, service style, and stores are set up for quality, style, and speed. Protein Bar’s Pike & Rose location will be along Old Georgetown Road and will be the restaurant’s fourth Washington, D.C. location, having opened its first D.C. location in late 2012.
Roti : Offering fast-casual Mediterranean cuisine, Chicago-based Roti has focused its second phase of growth in the Washington, D.C. area, quickly growing its footprint to 11 regional locations. Roti’s Pike & Rose location will be its second in Montgomery County and will be on Old Georgetown Road.
ShopHouse Southeast Asian Kitchen: ShopHouse, the new Southeast Asian concept by Chipotle, will open its fourth D.C.-area location at Pike & Rose on Old Georgetown Road. Inspired by the flavors of Thailand, Vietnam, Malaysia and Singapore, the restaurant model takes a cue from Chipotle with its focus on sustainably sourced ingredients, and its model of serving customers in an interactive format that allows individuals to create their order to their exact specifications.
Lettuce Entertain You: The Lettuce Entertain You restaurant group will be opening two restaurants at Pike & Rose, both of which are new concepts to the East Coast. Lettuce Entertain You has a history of success locating restaurants within mixed-use environments, including Mon Ami Gabi in Bethesda Row and Reston Town Center, Wildfire in Tysons Galleria, and Big Bowl and Community Canteen in Reston Town Center.
"I am very excited to be working with Federal Reality given their history for creating and building amazing spaces,” said Chef/Partner Jeff Mahin of Stella Barra Pizzeria, M Street Kitchen, and Do-Rite Donuts. “We will be introducing two concepts to the East Coast at Pike & Rose. One will be artisan pizza and the other will focus on new American cuisine with California influences. Both will highlight our deep appreciation for seasonal, locally sourced ingredients, and our commitment to delivering quality and craftsmanship. My partner, Chris Meers, is a hometown local, and we can’t wait to be part of this vibrant community.”
About Pike & Rose
Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of the White Flint District in Montgomery County, Md., Pike & Rose will be a pedestrian-oriented, urban-minded, mixed-use neighborhood across 24 acres. A key component in the area’s revitalization efforts, Pike & Rose will encompass 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and a 300-room boutique hotel at full build out, all a few blocks from the White Flint Metro Station.
Pike & Rose will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country. Like Santana Row in San Jose, Calif., and Bethesda Row in Bethesda, Md., Pike & Rose will feature ground floor retail with apartments, offices and hotel space above - all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests and patrons alike will walk, shop, eat, live and work in an experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area's most vibrant shops, eateries and entertainment, Pike & Rose will be the area's must-experience destination. Phase One of the project includes two residential buildings, an 80,000 square foot Class A office building and 150,000 square feet of retail and will deliver in 2014.
About Federal Realty Investment Trust
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 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 95.3% leased to national, regional, and local retailers as of June 30, 2013, with no single tenant accounting for more than approximately 3.4% 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 46 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.