NEW YORK and ROCKVILLE, Md., Nov. 3, 2015 /PRNewswire/ -- Saks Fifth Avenue OFF 5TH and Federal Realty Investment Trust (NYSE: FRT) are pleased to announce that Saks OFF 5TH will open a new store within the Congressional Plaza shopping center located in Rockville, Maryland. Expected to open Fall 2016, the new 40,000 sq. ft. store will feature a carefully edited assortment of luxury designer fashion, footwear, and accessories for men and women all at up to 70% off.
"We are thrilled to introduce our brand, our incredible merchandise selection, and our amazing prices to the Rockville area with the opening of our Congressional Plaza store," commented Jonathan Greller, President of Outlets, HBC. "This new store will be centrally located on Rockville Pike, one of the most desirable shopping corridors in the entire Washington DC metropolitan market, and is an exciting addition to our off-price business across North America."
With new arrivals shipped to the store nearly every day, customers will discover fresh and exciting merchandise, including coveted up-market labels and one-of-a-kind designer finds, for both men and women. For additional OFF 5TH shopping benefits, customers may sign up for the More! program on saksoff5th.com. Rewards include insider access to exclusive discounts, new arrival alerts, and more.
Acquired by Federal Realty in 1965, Congressional Plaza is a regional mixed-use destination that includes 328,000 square feet of retail, 50,000 square feet of office and 194 rental residences. The addition of Saks Fifth Avenue OFF 5th comes on the heels of a series of endeavors by Federal Realty to continually improve Congressional Plaza and adapt to the changing needs of the community. In 2014, Federal Realty completed a comprehensive renovation of The Crest at Congressional Plaza, a 146-unit apartment community to modernize the units and amenities. More recently, Federal Realty developed The Stories, a 55+ adult community comprised of 48 inspired, luxury apartments. Scheduled to open Spring 2016, The Stories is a first-of-its-kind residential solution designed to cater to the aging population in the area who are seeking a high-end luxury living experience focused on the overall well-being of it residents.
"Montgomery County, Maryland has changed dramatically over the past 50 years and the evolution of Congressional Plaza has evolved right along with it to ensure the community is properly served. The addition of Saks OFF 5TH and our other new additions further authenticate Congressional Plaza as a vibrant mixed-use centerpiece for Rockville Pike with living, working, restaurant and retail options second to none," said Chris Weilminster, Executive Vice President, Real Estate and Leasing, Federal Realty Investment Trust.
Additionally, Federal Realty is making significant capital improvements to expand the connectivity between the retail, offices and residences. This includes adding walkways and landscaping, updating the facade and signage, and creating a new outdoor cafe seating area for everyone to enjoy. Congressional Plaza is also now home to Beer and Wine Cellar, a friendly neighborhood beer and wine store, and Chop't (opening soon).
The new Saks Fifth Avenue OFF 5TH will reside in Congressional Plaza located at 1675 Rockville Pike, Rockville, MD, 20852. For more information, visit www.congressionalplaza.com.
About Saks Fifth Avenue OFF 5TH
As part of the Hudson's Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer's 91 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.
About Federal Realty:
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 90 properties include over 2,600 tenants, in approximately 21 million square feet, and 1500 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 48 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
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SOURCE Federal Realty Investment Trust
