ROCKVILLE, MD—Federal Realty Investment Trust scored a relatively rare trophy for its latest development Pike & Rose—Bank of America Merrill Lynch to anchor the non-retail and residential portion of the project. While office absorption has been growing in the area, and even moved into positive territory this past quarter, tenant demand is undeniably subdued.
The financial services company is taking 40,000 square feet of the 80,000-square foot LEED certified building located at 11810 Grand Park Ave., in a relocation consolidation move.
The initial first phase of Pike & Rose, which will be delivering at the end of this year and beginning of next, also includes 500 high-end residential apartments and slew of entertainment, restaurant and retail options.
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