Seasoned team of key executives charged with intensifying focus on Virginia assets to further densify and grow its portfolio.
Federal Realty Investment Trust (NYSE: FRT) announced plans to dedicate significant resources to its existing Virginia assets and to grow its presence in the region with its commitment to open its first full-service corporate office in Northern Virginia.
“Our company has grown significantly in the last decade, yet real estate remains, first and foremost, a local business,” said Donald C. Wood, president and chief executive officer of Federal Realty. “While we have long been a significant player in retail real estate in Northern Virginia, we see opportunities for incremental investment that can only be addressed with a local, full-service development, leasing and asset management office filled with some of our most experienced and talented real estate professionals.”
The executive team entrusted to run the company’s Northern Virginia office brings more than 90 years of combined experience and includes vice president of asset management Deirdre Johnson, with 30 years in the industry including 12 with the Trust; Ramsey Meiser, senior vice president of development responsible for the execution of prominent mixed-use projects such as the Trust’s Pike & Rose development and previously Forest City’s The Yards; and vice president of leasing Rich Abruscato, a 30-year industry veteran with nearly 8 million square feet of leasing transactions on behalf of the Trust under his belt.
Deirdre Johnson, Ramsey Meiser and Rich Abruscato
Federal Realty currently owns and operates 3.6 million square feet of real estate in the state, including Northern Virginia household names Pike 7 Plaza, Village at Shirlington, Pentagon Row, and Pan Am, as well as Willow Lawn and Barracks Road, two iconic properties in Central Virginia. The portfolio is highlighted by a wide range of shopping and entertainment experiences, including major national tenants like Anthropologie, Whole Foods and TJ Maxx to well-established local favorites like Busboys and Poets, Basic Burger and the Tony Award-winning Signature Theatre.
“We are thrilled with the opportunity of getting closer to the real estate we own in Virginia, further leveraging our proven experience in delivering the right consumer experience and environment to meet the demands of the local community and region,” said Deirdre Johnson, regional portfolio manager. “Together with Ramsey Meiser, Rich Abruscato, and our talented team dedicated to the region, we look forward to opening up our new offices to the partners we’ll work with over the coming years.”
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.
