Skanska divests the office building 99M in Washington, DC, USA, for USD 163 M, about SEK 1.5 billion
Skanska divests the office building 99M in Washington, DC, USA, for USD 163 M, about SEK 1.5 billion, to an affiliate of Polinger Development Co. The transaction will be recorded by Skanska USA Commercial Development in the fourth quarter 2019. The transfer of the property is expected to occur in the first quarter 2020.
99M is an 11-story, 21,700 square-meter (234,000-square-foot), LEED Gold certified office building in Washington D.C. It is 87 percent leased. Office tenants include Common Grounds, Pyxera Global and Give Campus. In addition to ground floor retail the building offers outstanding amenities, including a rooftop.
Construction began in the third quarter 2015 and was completed in the second quarter 2018.
Skanska’s other real estate developments in the greater Washington area include the office building 2112 Penn; the luxury apartment building RESA; the office building 1776 Wilson Blvd and the office building 733 10th and G. Skanska’s recent land acquisitions include a site at Scott’s Run to develop a multi-family project in Tysons, VA, and 1700 M, a mixed-use development.
Skanska is one of the leading constructions and development companies in USA, specializing in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska USA had sales of SEK 67 billion and about 9,000 employees in its operations in 2018.