Skanska invests USD 70 M, about SEK 445 M, in laboratory and office building in Cambridge, USA

9/27/2011 8:30 AM CET
Press release

Skanska is investing USD 70 M, about SEK 445 M, in a laboratory and office building located at 150 Second Street in Cambridge, Boston, USA. The project is Skanska’s first commercial real estate investment in Cambridge, home to the world’s leading biotechnology and technology innovation center, Kendall Square. The building is scheduled for completion in November 2012. Construction will commence in October 2011 and will be implemented by Skanska USA Building.

Skanska USA Commercial Development acquired the 5 600 square meter parcel in November 2010. The three-story Class A building, designed by Elkus Manfredi Architects, will be designed and developed to LEED Gold minimum standards. The project will include approximately 11 150 square meter of highly sustainable lab space. Skanska will self-finance 100 percent of the development costs.

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 7,400 employees and its 2010 revenues were SEK 34.3 billion.