Skanska starts new green office project in Washington, D.C. – investing USD 63.5 M, about SEK 460 M

9/17/2010 8:53 AM CET
Press release

Skanska is to develop and construct its second commercial offfice project in Washington, D.C., in the US. The investment amounts to USD 63.5 M, approximately SEK 460 M.

The office building will be constructed at 1776 Wilson Boulevard, Arlington, Virginia, a highly sought-after district close to central Washington D.C. The project comprises a total of about 15,000 square meters of leasable space, with 230 underground parking spaces.

The building is scheduled for completion in the second quarter of 2012. Construction work will commence in the fourth quarter and will be implemented by Skanska’s building unit.

“We firmly believe in the strength and long-term value in Arlington,” said Rob Ward, Executive Vice President and Regional Manager of Skanska USA Commercial Development in Washington D.C. “This area is one of the best sub markets in the country, with low vacancy rates and high demand.”

1776 Wilson Boulevard has been designed to fulfill requirements in accordance with the international environmental certification system LEED. The aim is to achieve a minimum of LEED Gold certification by reducing the building’s water and energy consumption. There will also be power outlets in the garage for charging electric cars.

Skanska’s first commercial office project in the U.S. is currently being constructed at 733 10th Street, Washington, D.C. The project comprises about 16,000 square meters, and is scheduled for completion in 2011. This project will also be LEED Gold certified.

Both projects have been developed by Skanska USA Commercial Development, which focuses on commercial office projects in selected markets, initially pertaining to Washington D.C., Boston, Massachusetts, and Houston, Texas.

In Washington D.C., Skanska is currently also constructing bridges and traffic interchanges at 11th Street Bridges.

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 7,000 employees and its 2009 revenues were SEK 44 billion.