Somerville Mayor Curtatone and Sports Company PUMA Join to Break Ground for New Headquarters Office Building

Federal Realty Investment Trust (NYSE: FRT) today celebrated the launch of construction on 455 Grand Union Boulevard at Assembly Row with Somerville Mayor Joseph Curtatone and PUMA North America CEO Bob Philion. PUMA has signed a lease for 150,000 square feet to anchor the new 300,000 square foot retail and office building as the company’s North American headquarters. This celebration marks the launch of Phase 3 of the development, which also includes a new 24-story, 500-unit apartment building with ground floor retail space, across from the Assembly Square MBTA T station.

Beyond Phase 3, Federal Realty has approximately five more acres of developable land that has been entitled to accommodate up to 1.5 million square feet of office and/or lab development.

At completion of Phase 3, Assembly Row will include over 55 shops, 22 restaurants, 1,514 residential units, over 1.1 million square feet of Class A office space, and The Row Hotel, a 158-room Marriott Autograph Collection Hotel, which opened in 2018.

“PUMA, a worldwide leading sports brand, sees the long-term value of the dynamic, transit-oriented Assembly Row experience and Somerville’s creative energy, as well as the amenity-rich location” noted Patrick McMahon, senior vice president, regional development for Federal Realty Investment Trust. “We look forward to collaborating with both the City and PUMA and welcoming more like-minded companies to this destination campus environment.”

As part of Federal Realty’s partnership with the city of Somerville, Phase 3 is expected to generate approximately 600 construction jobs and approximately 900 permanent office jobs. In addition to annual taxes, the project will yield $5.6M in building permit fees and the contribution of $12M over the next several years to the creation of affordable housing in the City.

Designed by Jacobs, the 13-story Class A office building with 550 dedicated parking spaces and approximately 25,000 square feet of ground floor retail will be home to PUMA North America’s new headquarters. PUMA is expected to occupy 455 Grand Union Boulevard in early 2021 with 450 employees relocating from its current offices in Boston and Westford, Mass. 455 Grand Union Boulevard is now under construction and over 50 percent pre-leased. Cranshaw Construction is the general contractor and Copley Wolff Design Group is the landscape architect for the project. The neighborhood’s existing office space at 450 Artisan Way is currently 100 percent leased. Additionally, Partners Healthcare is headquartered at Assembly Row with 730,000 square feet of office space.

“We’re excited to have officially broken ground on the new headquarters of PUMA North America,” said Bob Philion, president and CEO of PUMA North America. “We’re confident that our new Assembly Row location will help us bolster PUMA’s presence in North America. We look forward to becoming an integral part of the Somerville community and taking advantage of everything this vibrant city has to offer our employees.

For further information on office leasing, visit http://www.assemblyrowoffices.com/455-grand-union-blvd.html.

About Assembly Row

Assembly Row is one of Greater Boston’s hottest new 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 I and II now complete, Assembly Row boasts 830k square feet of office space, 1,000 residential units, a 158-key hotel, and 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 currently offers more than 30 nationally branded outlets, including names like 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 La Cucina, Legal On The Mystic, Earl’s Kitchen + Bar, Tony C’s, Caffe Nero, American Fresh Brewhouse, River Bar and The Smoke Shop. 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 densely populated, affluent 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 3,000 tenants, in 24 million square feet, and over 2,600 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 51 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 PUMA

About PUMA

PUMA is one of the world's leading Sports Brands, designing, developing, selling and marketing footwear, apparel and accessories. For 70 years, PUMA has established a history of making fast product designs for the fastest athletes on the planet. PUMA offers performance and sport-inspired lifestyle products in categories such as Soccer, Running and Training, Basketball, Golf, and Motorsports. It engages in exciting collaborations with renowned design brands to bring innovative and fast designs to the sports world. The PUMA Group owns the brands PUMA, Cobra Golf and Dobotex. The company distributes its products in more than 120 countries, employs more than 13,000 people worldwide, and is headquartered in Herzogenaurach/Germany.