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NEIGHBORHOOD RESTAURANT GROUP PARTNERS WITH PIKE & ROSE IN NORTH BETHESDA DISTRICT FOR RESTAURANT CONCEPT IN MARYLAND

ROCKVILLE, Md. (March 7, 2014) – Federal Realty Investment Trust  (NYSE:FRT) – The Neighborhood Restaurant Group has selected Pike & Rose, a mixed-use Transit-Oriented Development currently under development in the North Bethesda District of Montgomery County, Maryland, as the site of its first venture in the Maryland area. Situated within the Upper Muse Alley portion of Pike & Rose, the restaurant and accompanying beer garden is slated to become operational in conjunction with the opening of this component of the retail program in mid-2015. The substantial portion of the Phase I retail at Pike & Rose opens in fall 2014.

Pike & Rose is a project of Federal Realty Investment Trust (NYSE:FRT). When fully built out, it will include 3.4 million square feet of mixed-use development including 1.1 million square feet of commercial office space; 430,000 square feet of complementary retail space; 1500 residential units; a boutique hotel and approximately 4000 parking spaces. The project is positioned within walking distance to the White Flint Metro Station and minutes away from I-270 and 495 (Capital Beltway).

“Pike & Rose will be a pedestrian-friendly mixed-use environment with a high energy, consumer-centric atmosphere,” stated Michael Babin, Neighborhood Restaurant Group’s principal. “Our team is currently in the process of creating a concept that we feel will complement the North Bethesda area and neighborhoods and business districts around it. We are excited to bring a world-class beer program, led by Beer Director Greg Engert, and a distinct culinary program to match.

“We have long-admired Federal Realty’s projects – they feel special and they integrate fully with the communities that surround them. We’re excited to partner with them,” Babin, who was named Washingtonian Magazine’s 2014 Restaurateur of the Year, stated. “Federal Realty has performed an excellent job of attracting compelling restaurants and entertainment concepts to Pike & Rose, many of which - like ours - will be first-time entries into the marketplace.”    

Neighborhood Restaurant Group presently operates a collection of chef-driven restaurants throughout the Northern Virginia and Washington, D.C. region, including the beer-driven Birch & Barley and ChurchKey located on 14th Street; Bluejacket and the Arsenal, a new brewery, restaurant and bar in Navy Yard; Iron Gate, which was until a couple of years ago, the oldest continuously-operated restaurant in Washington, D.C. and Red Apron Butcher, which now touts three locations in the DC metropolitan region.  

“Restaurants represent the powerful personality of any retail or mixed-use project and, in Neighborhood Restaurant Group, we have attracted an extremely successful operator known for building places that engage diners and develop strong loyalties,” stated Stuart Biel, Senior Leasing Agent for Federal Realty Investment Trust. “Restaurants are also destinations, particularly in the Washington, D.C. and the surrounding Maryland markets, where local consumers reward quality and great experiences in their dining choices. The setting we are creating within Upper Muse Alley and Pike & Rose in general supports the Neighborhood Restaurant Group’s creative ability to develop dining concepts that suit the particular dynamics of the marketplace.”    

The list of restaurants that have signed leases in Phase I of Pike & Rose include Lettuce Entertain You’s Stella Barre Pizzeria and Summer House, Del Frisco’s Grille, Protein Bar, Roti Mediterranean Grille, ShopHouse Southeast Asian Kitchen and La Madeleine Country French Café.

About Pike & Rose

Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of the North Bethesda District in Montgomery County, Md., Pike & Rose will be a pedestrian-oriented, urban-minded, mixed-use neighborhood across 24 acres. A key component in the area’s revitalization efforts, Pike & Rose will encompass 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and a 300-room boutique hotel at full build out, all a few blocks from the White Flint Metro Station.

 

Pike & Rose will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country. Like Santana Row in San Jose, Calif., and Bethesda Row in Bethesda, Md., Pike & Rose will feature ground floor retail with apartments, offices and hotel space above - all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests and patrons alike will walk, shop, eat, live and work in an experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area's most vibrant shops, eateries and entertainment, Pike & Rose will be the area's must-experience destination. Phase One of the project includes two residential buildings, an 80,000 square foot Class A office building and 150,000 square feet of retail and will deliver in 2014.

About Federal Realty Investment Trust

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.8% leased to national, regional, and local retailers as of December 31, 2013, with no single tenant accounting for more than approximately 3.5% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

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