Federal Realty Investment Trust (NYSE:FRT) has announced that Assembly Row has been recognized as the most impactful project in Boston area in the commercial development category of the 2022 CoStar Impact Awards. Located on a former brownfield site that housed the manufacturing of Ford Motor Co.’s short-lived Edsel automobile, Federal Realty Investment Trust has created a successful mixed-use complex of retail, office, multifamily and hotel developments and revitalized a previously underutilized area of the city.
Phase 3 of Assembly Row in Somerville, Massachusetts, furthered the overhaul of the former auto plant site that gave the area its name and closed in the 1950s. The latest wave included 277,000 square feet of office space, 56,000 square feet of retail and 500 residential units at a cost between $465 million and $485 million. At the close of 2021, 244,000 square feet of office space was leased and roughly 160,000 square feet of office space was occupied, all of the apartments in the new residential tower were online, and 23,000 square feet of retail space was open for business, according to Federal Realty. The office building is the North American headquarters of sports apparel firm Puma.
“We are grateful to CoStar for this recognition in the inaugural year of their Impact Awards program,” said Patrick McMahon, Senior Vice President, Regional Development of Federal Realty. “Assembly Row continues to evolve, and Phase 3 is an especially critical component in delivering an authentic neighborhood experience to residents, employees, neighbors, visitors and consumers. We are looking forward to continuing our transformation of this site as we begin the design process for Phase 4.”
The CoStar Impact Awards are the industry leader’s first annual awards program designed to recognize exemplary commercial real estate transactions and projects completed in 2021 with significant influence in neighborhoods or submarkets across 11 major U.S. markets.
About Assembly Row:
Assembly Row is one of Greater Boston’s fastest growing neighborhood destinations. Conveniently located along I-93 and with direct access to Downtown Boston via the Orange Line and its dedicated MBTA station, Assembly Row is a dynamic neighborhood that offers first-class working, living, shopping, entertainment, and dining experiences. With Phase III near completion, Assembly Row boasts over one million square feet of office space, 1,500 residential units, a 158-key hotel, and over 500k square feet of retail, restaurant, and entertainment. When fully built across 40 acres along the Mystic River, the Assembly Row neighborhood will feature a total of 635,000 square feet of retail and restaurant space, 2.0 million square feet of office space, and 1,800 residences.
Assembly Row currently offers more than 40 national brands, including Sephora, Warby Parker, Polo Ralph Lauren, Nike Factory, Saks Fifth Avenue OFF 5TH, and J. Crew Factory. Entertainment options include the 12-screen AMC Assembly Row 12 and IMAX, the only LEGOLAND Discovery Center in New England and Lucky Strike Social. More than a dozen eateries line the Riverfront Park and streets, including Shake Shack, sweetgreen, Legal On The Mystic, Earl’s Kitchen + Bar, Tony C’s, River Bar, The Smoke Shop and Ruth’s Chris Steakhouse. For more information please visit AssemblyRow.com.
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, 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 106 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,200 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.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit www.costargroup.com.
