Bright MLS Moving to the North Bethesda Office Building in Dynamic Pike & Rose Neighborhood
Federal Realty Investment Trust (NYSE:FRT) announced today that 909 Rose, located in the award-winning, transit-oriented Pike & Rose neighborhood in North Bethesda, Md., is fully leased. Bright MLS is taking 13,455 square feet and will join Beiser Law Firm, ESAB, Industrious, Kuta Software, LLC, OneDigital, Rowe, Weinstein, Sohn PLLC, Rycon Construction, United Solutions, and Federal Realty.
“We have had incredible momentum since construction began in 2017, even during some of the most challenging times, and delivered a fully-leased office building,” said Stuart Biel, Senior Vice President of Federal. “The success of 909 Rose in a market where there is double digit office vacancy downtown, speaks to what employers and employees are looking for in office space – excellent location, transportation options and world-class amenities.”
“At the same time, we are seeing strong interest in our next office project, 915 Meeting Street, which has already secured Choice Hotels as a tenant,” added Jay Brinson, Vice President of Federal. “The building is currently under construction and is expected to be completed in the third quarter of 2023.”
Bright MLS is one of the nation’s largest multiple listing services, representing over 100,000 real estate professionals across six Mid-Atlantic states and the District of Columbia. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform. It is relocating from Rockville.
“The state-of-the-art building and energetic, vibrant neighborhood offer exactly what we sought for our current and future team members. It’s a place we look forward to calling home,” said Bright MLS President & CEO Brian Donnellan.
The deal was brokered on behalf of Federal Realty by JLL’s Bernie McCarthy and Danny Sheridan and on behalf of Bright MLS by Bob Dickman and Rusty McCabe of Avison Young.
Following the success of 909 Rose, the 16-story, state-of-the art 915 Meeting Street, featuring 9,600 square feet of ground floor retail and 700 dedicated parking spaces, is 40 percent pre-leased by Choice Hotels. More than 400 corporate employees will relocate in December 2023.
The vibrant 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 farm in the mid-Atlantic region at 17,000 square feet, producing fruits and vegetables.
- 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 Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100k real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform. Learn more at Bright MLS.com.
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 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, Federal Realty’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 Realty’s 104 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,400 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
