Federal Realty Plans 10-Story Life Science Facility at Pike & Rose to Fuel Extension of Montgomery County’s Life Science and Biotech Corridor to North Bethesda
935 Prose Will Be the Most Iconic Amenity-Rich Life Science Building in Region
North Bethesda, Md. (December 1, 2021) – Federal Realty Investment Trust (NYSE:FRT) is setting the new standard for life science facilities with plans for an iconic, amenity rich 935 Prose, located in the heart of North Bethesda’s Pike & Rose. The project will be designed by internationally acclaimed architect, Gensler, and the 10-story state-of-the-art building will extend the biotech corridor beyond Shady Grove to Pike & Rose, the premier transit-oriented destination for shopping, dining, living, and working in Montgomery County.
The Pike & Rose neighborhood is exceptionally well positioned for a research and development facility due to its proximity to nearby Federal agencies. A focus on the life science industry supports job growth and will bring additional jobs to the county.
Montgomery County is home to 18 major Federal agency headquarters in the county, including the National Institutes of Health (NIH), the Food & Drug Administration (FDA), and National Institute of Standards and Technology (NIST).
The planned 260,000-square-foot building will feature sought after tenant amenities and be built to accommodate the specialized needs to life-science tenants including:
- Conference center, fitness center, outdoor promenade and terrace and ground floor retail,
- 15 feet clear lab floors and 20 feet clear manufacturing floors,
- Four passenger and two service elevators,
- Two loading bays (including a compactor) to serve WB-50 (~55’-long) trucks,
- Opportunity for tenant-provided specialty/pure water systems and pH neutralization,
- Ground floor back-of-house spaces built for chemical storage, lab waste handling, air compressor, and recycling,
- Five levels of parking, and
- Robust base-building MEP systems purposefully designed to accommodate lab tenants
Federal is working with Scheer Partners, a Rockville-based firm consistently recognized as one of the leading commercial real estate firms in the DC metro region with a specialty in scientific and biotech real estate.
“We are leading the way in the expansion of the life sciences corridor down Interstate 270 into North Bethesda,” said Jay Brinson of Federal. “This innovative and exemplary building offers exceptional amenities for life science and biotech tenants that are not found in the region. Located in a convenience- rich, lively neighborhood, Pike & Rose looks forward to welcoming new business partners.”
The Pike & Rose neighborhood features a wide range of amenities including:
- Owner-Developer controlled 24-acre neighborhood with increased cleaning and sanitation protocols compared to downtown environments.
- Wi-Fi enabled neighborhood, including Rose Park, outdoor cafés and patios.
- U.S. Green Building Council LEED Gold for Neighborhood Development (LEED ND) as a sustainable, well-connected neighborhood.
- The Farm at Pike & Rose, is the largest soil-based rooftop farm in the mid-Atlantic region at 17,000 square feet, producing fruits and vegetables sold directly to tenants and residents through a Farm Membership Program.
- More than 20 restaurants, including fine dining and fast casual, in addition to shops, a fitness center, a dog bar, and a weekly Farmer’s Market.
About Pike & Rose, a Federal neighborhood
Pike & Rose is a 24-acre, transit-oriented neighborhood including more than 50 tenants of thoughtfully merchandised retail space. The selection of restaurants (including Summer House Santa Monica, Fogo de Chao, &pizza, sweetgreen and Julii), retailers (including REI, Sephora, L.L.Bean and Sur La Table, Uniqlo), a state-of-the-art Porsche dealership, and unique entertainment offerings (iPic Theaters, Pinstripes and AMP by Strathmore) have created a one-of-a-kind retail environment. The neighborhood is fully enhanced by the offerings of 99 luxury condominiums and penthouses uniquely positioned above Canopy by Hilton, a 177-key boutique hotel; 765 luxury apartments; and a 17,000-square-foot rooftop farm.
About Federal Realty Investment Trust
Federal 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, Federal’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its 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’s 106 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,200 residential units.
Federal has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal and its properties, visit www.federalrealty.com.
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