455 Grand Union Blvd
Federal Realty Continues Transformative Change at Assembly Row
Federal Realty Investment Trust (NYSE: FRT) recently released its 2021 Environmental, Social and Governance (ESG) Report. Featured in it is Federal’s Assembly Row 65-acre mixed-use project in Somerville, Mass, which demonstrates how investments with positive environmental and social impact can also deliver positive financial results, benefiting all stakeholders. This project, which unlocked a formerly underutilized waterfront brownfield, has transformed this part of the city, creating a transit-oriented neighborhood and an economic growth engine for decades to come. As a result of Federal’s transformation, the amenity-rich neighborhood is inspiring extensive investment by others on adjacent sites.
Key Assembly Row achievements include:
- 455 Grand Union Boulevard (office) and Miscela (residential), completed in 2022, achieved LEED Gold certification bringing the total LEED footprint to 1.7 million square feet and making all fully owned mixed-use buildings LEED Gold-certified
- Commitment to the arts and partnerships with local artist and organizations like Artists For Humanity
- More than 100 events annually create a community gathering place where people can relax and recharge.
- Creation of transportation management association to promote sustainable transportation solutions to reduce traffic and enhance the quality of life, accessibility, and economic vitality of the greater Assembly Square area.
- In 2014, in partnership with the state and federal agencies, Federal Realty brought the first MBTA subway station on the orange line since 1987.
- Significant investment in on-site environmental remediation, clean-up of the Mystic River, and improved infrastructure provided the foundation for rejuvenation of the site and local marine species.
With these achievements, Assembly Square is poised to become the newest cluster in Greater Boston’s thriving life sciences hub with more than $1 billion in investment currently planned within the 1-mile area around Assembly Row.
The report also highlights Federal’s notable ESG achievements across the entire portfolio that include:
- Announcing a commitment to achieve net zero for Scopes 1 and 2 emissions by 2050
- Achieving a 39% year-over-year reduction in like-for-like Scope 1 and 2 greenhouse gas emissions through the aggressive use of green power purchasing, accomplishing Federal’s reduction target 3 years early
- Achieving LEED Gold certification for the company’s One CocoWalk office building at its newly renovated CocoWalk project in Coconut Grove, Florida
- Expanding its sector-leading on-site solar generating capacity to 13.6 MW
- Expanding climate scenario disclosures in accordance with the Taskforce on Climate Related Financial Disclosures
The company continues to strive for high levels of sustainability and resilience in all new construction. To learn more about Federal’s ESG efforts and to view the full report, please visit www.federalrealty.com/esg.