Rappaport Tapped to Manage Leasing at Rockville Town Square
Federal Realty is excited to announce a strategic alliance with Rappaport to expand the regional leasing efforts for Rockville Town Square, an 187,000-square foot urban mixed-use retail center in Rockville, Maryland. This marketplace, acquired by Federal Realty in 2007, sits at the heart of one of Montgomery County’s most affluent residential areas. Anchored by CVS, the storefront retail brings an urban atmosphere to the suburban edge of Washington, D.C., housing an ice rink at The Square’s core, plenty of public gathering space and retailers such as Buffalo Wild Wings, Dawson’s Market, and La Tasca.
With Rockville Town Square’s higher than average walkability for an urban/suburban area and close proximity to both Rockville Memorial Library and the 135,000-square-foot Choice Hotels International headquarters, Rockville resident and Rappaport’s Executive Director of Brokerage Mike Howard is looking forward to the opportunity to lease such a key marketplace in his community. “Whether skating on Montgomery County’s largest ice rink at The Square’s epicenter, dining at an eclectic homegrown restaurant or a national fan favorite, shopping at the various unique retail stores, or relaxing and mingling in the public gathering spaces, Rockville Town Square is uniquely positioned to serve the needs of the community and evolve as the city continues to grow its residential base.”
The shopping center has previously experienced higher vacancy rates compared to similar centers in the region, holding an average vacancy rate of 5-6% over the past five years. “We chose Rappaport because they share our vision of Rockville Town Square as the cultural, arts and entertainment destination of the City,” says Federal Realty’s Vice President of Asset Management Diedre M. Johnson. “They come with a deep understanding of the customer base and retail needs of the Rockville community and will work well with us and the community to build a strong next decade for The Square.”