10th and G Sold for $140M

Skanska USA Commercial Development Inc. announced this week that it was selling the office property at 733 10th Street NW in Washington, DC to Jamestown Properties for $140 million, or about $53 million more than what it cost to develop the property. The building, known as 10th and G, is Skanska's first completed commercial development project in the States since establishing the development business at the close of 2008. Eastdil Secured managed the sale on behalf of Skanska.

"This project demonstrates our commitment to delivering high-quality, sustainable office buildings that provide long-term value for investors and healthy, efficient space for tenants," says Mats Johansson, CEO of Skanska USA Commercial Development.

Centrally located five city blocks from the White House, the property, designed by a group of architects including Cunningham | Quill Architects PLLC, Tod Williams Billie Tsien Architects, and Gensler, consists of eight stories of office space totaling about 171,171 square feet with more than 4,000 square feet of ground-level retail space.

Prior to the sale, and with CBRE as its brokerage firm, Skanska signed leases for 83% of the building in just three months, including the National Association of Manufacturers and Cassidy & Associates, according to a Washington Business Journal article.

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