Assembly Row Lands Puma North American HQ

On January 19, 2019, in Latest News, by The Somerville Times

A proposed rendering of 455 Grand Union Boulevard, which will serve as PUMA’s new North American headquarters at Assembly Row in Somerville, Mass. The company will relocate there in 2021. Rendering credit: Federal Realty Investment Trust

Federal Realty Investment Trust (NYSE: FRT) has signed a lease for 150,000 square feet with PUMA North America to anchor a new 300,000 square foot office building, with ground floor retail space, at 455 Grand Union Boulevard at Assembly Row, the rapidly growing, mixed-use neighborhood just minutes from downtown Boston. In addition to 455 Grand Union Boulevard, Phase 3 of development includes a new, 24-story, 500-unit apartment building, with ground floor retail space, across from the T station. Beyond Phase 3, Federal Realty has approximately 5 more acres of developable land that has been entitled to accommodate up to 1.5 million square feet of office and/or lab development.

“Somerville is a vibrant city full of creative energy, easy to get to, and with a spirit that aligns well with our brand,” said Bob Philion, president and CEO of PUMA North America. “We get all the benefits of being in such proximity to downtown and many of our region’s most diverse communities located along the orange line, while mitigating commute times for our suburban employees.”

Designed by Jacobs, the 13-story Class A office building with 550 dedicated parking spaces and approximately 25,000 SF of ground floor retail will be home to PUMA’s North American headquarters. PUMA is expected to occupy 455 Grand Union Boulevard in early 2021 with 450 employees relocating from offices in Boston and their current headquarters building in Westford, Massachusetts. 455 Grand Union Boulevard is now under construction and over 50% pre-leased. 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.

“PUMA’s decision to move their headquarters to Assembly Row would not have happened without FRIT’s commitment to work with us to go beyond just building buildings and instead to create Greater Boston’s newest and most vibrant transit-connected neighborhood,” said Mayor Joseph A. Curtatone. “With companies like Partners HealthCare, SmartBear, and now PUMA, the momentum just continues to build in Assembly. We look forward to introducing PUMA—and all the employers to come—to our diverse and talented workforce.”

At completion of Phase 3, Assembly Row will include over 55 shops, 22 restaurants, 1,514 residential units, over 1.1M SF of Class A office space and The Row Hotel, a 158-room Marriott Autograph Collection Hotel.

“We have spent the past ten years working with the City of Somerville to create a dynamic neighborhood that attracts world class companies,” said Patrick McMahon, vice president development at Federal Realty Investment Trust. “We are excited that PUMA has placed long-term value on the Assembly Row location, our expansive array of high-quality amenities, vibrant mix of uses and direct access to the T and highway. We look forward to welcoming the PUMA team with our more than 10 soccer fields worth of amenities and watching PUMA sustain its position as an international leader in the sports brand world.”

Federal Realty was represented by Joseph P. Flaherty and Ben Coffin of JLL; PUMA was represented by Michael Joyce of Cushman & Wakefield. 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 destination. 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 boasts 830,000 square feet of office space, 1,000 residential units, a 158-key hotel, and 500,000 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 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 www.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 105 properties include approximately 3,000 tenants, in approximately 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

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 Football, 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.