Work is underway on what will become Assembly Row’s third corporate headquarters.

Federal Realty Investment Trust led the development and the construction team Wednesday at the groundbreaking for Puma’s future North American headquarters. Puma North America will lease 150K SF at 455 Grand Union Blvd., a 300K SF office and retail building that also launched the third phase of Federal’s Assembly Row mixed-use development in Somerville.

“We’re confident that our new Assembly Row location will help us bolster Puma’s presence in North America,” Puma North America President and CEO Bob Philion said in a prepared statement. “We look forward to becoming an integral part of the Somerville community and taking advantage of everything this vibrant city has to offer our employees.”

Puma plans to consolidate the 450 employees it currently has in two Greater Boston offices at the Jacobs-designed, 13-story building, which will also include 25K SF of ground-floor retail.

Beyond the third phase, Federal Realty still has 5 acres of developable land and can accommodate up to 1.5M SF of office and lab development at Assembly Row. The mixed-use development already counts Partners Healthcare and software company SmartBear as corporate headquarters tenants.

“We look forward to collaborating with both the city and Puma and welcoming more like-minded companies to this destination campus environment,” Federal Realty Investment Trust Senior Vice President Patrick McMahon said in a statement.