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Federal Realty to establish Northern Virginia corporate outpost

Daniel J. Sernovitz
Federal Realty to establish Northern Virginia corporate outpost

Rockville-based Federal Realty Investment Trust (NYSE: FRT) plans to open an outpost in Northern Virginia, a move the company's chief executive says it needs to make to seize on certain opportunities it can't realize without a corporate presence in the commonwealth. The plan surfaces roughly seven months after the company threatened in a letter to then-Montgomery County Executive Ike Leggett and County Council to pull part of its workforce out of Montgomery due to the county's delays in making public improvements in the White Flint area. "But this is a separate business decision, it is about attention being paid to a market that is a dynamic market, where we’re a major player, and where we haven’t done as well as we could." Federal Realty has some ambitious acquisition and development plans for Northern Virginia, Wood said, including the redevelopment of its 19-acre Graham Park Plaza in Falls Church expected to get under way soon.