Donald Wood, the president and CEO of Maryland-based Assembly Row developers Federal Realty Investment Trust (FRIT), spoke about third-quarter earnings with analysts recently. He spoke for a period about Assembly Row, revealing that high-end shops Brooks Brothers and Chico’s have committed to leases. He also said FRIT is considering buying the IKEA property but that the developers “don’t have a point of view on that yet.”
Here’s what Wood had to say, with a hat tip to seekingalpha.com:
Second, across the country, just outside of Boston, Assembly Row is under construction. AvalonBay is progressing on their residential buildings. We began construction on the large building that will house, among other things, a parking garage and theater. And the NBCA track work is underway, preparation of the new T-Stop. We expect the 2014 opening on this first phase, with the opening of the new T-Stop trailing by 6 to 12 months.
Retail leasing at Assembly has a real momentum with negotiations with multiple tenants for each available states well underway. The first phase includes about 300,000 square feet and about 30% of that is committed to-date under executed leases to tenants like Brooks Brothers, like Chico’s like Legal C Bar among others. As good news as we didn’t expect to have sign leases beyond the theater deal until year end, lot more familiar names that I can talk about yet, but the merchandizing is shaping up very nicely.
We continue to evaluate the IKEA site to determine whether it makes financial sense for Federal but don’t have a point of view on that yet more to come.
Scout reported in July that FRIT was hoping to court Brooks Brothers to Assembly and that at the time, FRIT claimed it had not at the time had any internal discussions about purchasing the IKEA property.
Three restaurants and a movie theater have already been confirmed for Assembly Row, but it’s future is still up in the air