Skanska Building 1M SF Office Development

Skanska USA Commercial Development, a NY-based construction and development firm, announced this week that it had completed the purchase of 14 acres of land in Houston with plans to build a 1 million square foot Class A office development. Terms of the land deal were not disclosed, but the company is clear on their plans to make a footprint on Springwoods Village Parkway, adjacent to the new ExxonMobil corporate campus. According to a press release, the site can accommodate a single tenant seeking a build-to-suit corporate campus or a three-building office complex with multiple tenants.

"With the growing demand for high quality office space in North Houston, we look forward to delivering a Class A, highly sustainable office complex in this dynamic area,” said Michael Mair, executive vice president and regional manager of Skanska USA Commercial Development. "Whether we develop the parcel for a single tenant or as a complex shared by multiple tenants will depend on marketplace demand."

Additional developments by Skanska USA Commercial Development in Houston include West Memorial Place, a two-phase 700,000 square-foot office campus in Houston's Energy Corridor; a completed Class A, 302,000 square-foot office building at 3009 Post Oak Blvd; and Capitol Tower, a 750,000-square-foot, Class A commercial office tower planned for 800 Capitol Street in downtown Houston.

For more news and information visit Blumberg Capital Partners.

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.

For more news and information visit Blumberg Capital Partners.