Entertainment significant component of active, urban, mixed-use neighborhood
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Federal Realty Investment Trust (NYSE:FRT) today announced the execution of a 60,000 square foot lease with AMC Theatres (AMC) for a 12-screen theatre at Assembly Row, the 50+ acre mixed-use development in Somerville.
Auditoriums at the new AMC Theatres location will feature upgraded seating, premium sound and 100 percent digital projection. AMC is also evaluating additional amenity possibilities including a Marketplace concession area, a MacGuffins bar and lounge area, and an IMAX auditorium.
“We’re excited to partner with Federal Realty to become the entertainment anchor of the Assembly Row development,” said Mark McDonald, executive vice president of Global Development at AMC Theatres. “The features and amenities we’re including will make this a compelling entertainment destination and among the best theatres in the country.”
Construction on the theatre building is expected to begin in the spring of this year and open with the first phase of the Assembly Row development.
“The execution of this lease is important because it sets the tone for the development of Assembly Row and helps define our commitment to deliver a first-class entertainment experience as one part of this great new neighborhood,” said Chris Weilminster, senior vice president, leasing of Federal Realty Investment Trust.
Assembly Row is a one-of-a-kind mixed use neighborhood nestled on the waterfront. It is a whole new address for business, living, shopping, and dining unlike anything New England has yet to offer. Located only eight minutes from Boston and Cambridge, Assembly Row will have its own T station and feature nine city blocks of vibrant storefronts, built-to-suit office and lab space, and amenity-rich residences, a theatre and hotel all surrounded by landscaped gardens, plazas and an activate waterfront park. Extensive year round events and programs supported by AMC’s state of the art digital theatre experience will help create an immersive environment that draws people from all over the region.
“Assembly Row will become a great, experience driven destination neighborhood energized with a 24 hour environment. AMC will play an integral part in that and we are thrilled to partner with them,” said Don Briggs, president Federal Realty Boston.
“Coupling state-of-the-art office space with unique retail opportunities and the experience of sitting al fresco under the lights at your favorite local restaurant or enjoying views of the Mystic River before taking in a movie is what will make Assembly Row unique,” Briggs stated.
“This is very good news for the people of Somerville and surrounding communities – and it sends a great message to employers and retailers looking at locating in Assembly Row,” said Somerville Mayor Joseph A. Curtatone. “A state-of-the-art AMC movie theatre is a perfect fit for a mixed-use, destination district like Assembly Row. It’s one more reason why people will want to live, work, shop and play in this new riverfront neighborhood. Congratulations to both Federal Realty and AMC for reaching this agreement.”
About Assembly Row
Assembly Row is a mixed use development featuring 1.75 million square feet of build-to-suit office/lab space, 2,100 residential units, a 200-room hotel and 880,000 square feet of retail, including a 60,000 square foot movie complex. In the heart of this neighborhood, active urban commercial streets will be interspersed with sidewalk cafes, parks, retail shops, restaurants, bike lines and entertainment venues. Located at the very center of Greater Boston, this new development is accessible via Interstate 93 and with the newly planned Assembly Row T station, minutes to downtown Boston. For more information, please visit http://www.assemblyrow.com/.
About Federal Realty
In 2012, Federal Realty celebrates 50 years of being a proven leader in the ownership, operation, and redevelopment of high quality retail real estate in the country’s best markets. Federal Realty’s portfolio (excluding joint venture properties) contains approximately 19.3 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 93.3% leased to national, regional, and local retailers as of September 30, 2011, with no single tenant accounting for more than approximately 2.6% 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 44 consecutive years, the longest record in the REIT industry. Federal Realty is an SP MidCap 400 company and its shares are traded on the NYSE under the symbol FRT. For more information, please visit http://www.federalrealty.com/.