CHEVY CHASE, MARYLAND – Less than two months after securing a long-term deal with Jared the Galleria of Jewelry at its Pike Center property in Rockville, Maryland, shopping center leasing, management, and development company JBG Rosenfeld Retail (JBGR) has finalized a second long-term lease for the shopping center, this time with M&T Bank. The bank has committed to a ground lease for a 4,000 square-foot branch to be constructed fronting Rockville Pike (MD Route 355), and adjacent to Jared’s 6,000 square-foot pad building also to be constructed. The new pad buildings are the first phase of a partial redevelopment JBGR has on tap for Pike Center.

 

“This lease with M&T Bank, and the one preceding it with Jared, is an example of how the state of retail on Rockville Pike continues to thrive, despite a soured economy,” said JBGR Executive Vice President Bob Schwenger. “This corridor continues to hold its prominence among retailers and this fact, coupled with our plans to update Pike Center, is attractive to retailers who want to have a presence on one of Montgomery County’s busiest thoroughfares.”  Pending all approvals and building permits, JBGR anticipates commencing construction of the M&T Bank branch and the Jared pad building in early 2009.  Both tenants are scheduled to open in late 2009.

 

In addition to construction of the new pad buildings, JBGR’s redevelopment plans for Pike Center feature a façade update and new pylon, as well as improvements to the parking area to include new curbs and gutters, lighting, landscaping, and repaving.  Work will begin on the renovation during the first quarter of 2009.

 

Founded more than 150 years ago in Western New York, M&T Bank Corporation (NYSE: MTB) is a bank holding company with $66 billion in assets.  Its banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, and the District of Columbia.  Currently, there are more than 20 M&T Bank branches in Montgomery County.

 

Acquired by JBGR in October 2006, Pike Center Shopping Center is a 74,000 square-foot community shopping center anchored by Office Depot, TGI Fridays, and CiCi’s Pizza.  The center, originally built in 1964, fronts Rockville Pike, but also is accessible via Bou Avenue. With Pike Center, JBGR and its affiliates own a total of seven properties in Montgomery County, including 11503 Rockville Pike, Twinbrook Square, and Loehmann’s Plaza, as well as Montgomery Village Plaza in Gaithersburg, and North Bethesda Market and Twinbrook Station, both under development. In addition, JBGR handles the leasing activity for six other retail sites in the county, for a grand total of nearly 1.4 million square feet of gross leasable area.

 

 

 

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