Federal Realty Lands First Tenant In Spec Office Building At Pike & Rose
One year after committing to move its own headquarters to its spec office building at Pike & Rose, Federal Realty has landed the project's first tenant.
The REIT announced Thursday it signed a 16,245 SF lease with OneDigital at the 909 Rose office building in North Bethesda. The advisory firm will consolidate from two locations in Chevy Chase and Downtown Bethesda, and plans to move in the fall.
The developer broke ground on the 11-story, 212K SF office building with ground-floor retail in 2018 with no pre-leases. JLL is managing the project's leasing.
Federal Realty CEO Don Wood told Bisnow in June 2019 the REIT planned to move its own headquarters to a 40K SF space in the building. It expects to complete the project by the end of this month, and Federal Realty plans to move in August, a spokesperson said.
As it looks to fill the remainder of the building, Federal Realty is highlighting a series of features that it hopes will appeal to health-conscious tenants as the coronavirus forces a rethinking of the office environment.
The features include contactless entry in the garage and building, a touchless elevator system and a dedicated outdoor air ventilation system that it says will create 30% more fresh air than required by code. It also boasts that it has a higher parking ratio than Downtown Bethesda and D.C., with three spaces per 1K SF, as tenants may shy away from public transit.
"We believe 909 Rose is perfectly suited to meet the new demands for offices, with progressively healthy building systems and a convenient location for firms looking to exit more dense urban environments or open satellite office locations to capitalize on the expected shift occurring in millennial housing trends," Federal Realty Vice President of Development Jay Brinson said in a release.
The office building is part of the 24-acre Pike & Rose mixed-use development at the intersection of Rockville Pike and Montrose Parkway, near the White Flint Metro station. The project features 765 apartments, 99 condos, a 177-room hotel, 80K SF of office space and over 40 retailers.
