Skanska to sell first U.S. development property in Washington D.C.
Skanska is selling the office property at 733 10th Street in Washington, D.C. The selling price amounts to USD 140 million, about SEK 945 million and the buyer is Jamestown Properties. The transaction will be recorded in the second quarter 2012.
The 733 10th Street project is Skanska’s first completed commercial development project in the U.S. since starting the development business at the end of 2008. Since acquiring the development rights to the site in October of 2009, Skanska developed the Class A, LEED Gold office project.
Centrally located five city blocks from the White House, the building consists of eight stories of office space totaling about 15,000 square meter and about 380 square meter of ground-level retail space. The building is in close proximity to two Metro stations, retail stores, hotels and restaurants.
“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.
In addition to Washington D.C., is Skanska USA Commercial Development USA also active in Boston, Seattle and Houston.
Skanska USA is one of the leading development and construction companies in the country, consisting of four business units: Skanska USA Building, which specializes in building construction; Skanska USA Civil, specialized in civil infrastructure; Skanska Infrastructure Development, which develops public-private partnerships; and Skanska Commercial Development, which develops commercial development projects in select U.S. markets. Headquartered in New York, Skanska USA has approximately 9,400 employees and its 2011 revenues were SEK 31.3 billion.