Skanska to sell laboratory and office building in Boston, USA, for about USD 95 M, about SEK 620 M

12/3/2013 8:00 AM CET
Press release

Skanska is selling the lab and office property at 150 Second Street in Boston, USA. The selling price amounts to about USD 95 million, about SEK 620 million, and the buyer is Alexandria Real Estate Equities, Inc. The transaction will be recorded in the fourth quarter of 2013.

The 150 Second Street project is Skanska’s first completed commercial development project in Cambridge, Boston. After acquiring development rights to the site in November of 2010, Skanska developed the three-story, 11,148 square meter, Class A, LEED® Platinum lab and office building.

150 Second Street is located in the heart of Cambridge’s Kendall Square, the world’s leading biotechnology and life science cluster. It is conveniently located a short walk from two of greater Boston’s major MBTA stations. The building is 85 percent leased; Foundation Medicine, Inc. currently occupies about 5,700 square meters. Bluebird bio will occupy about 4,000 square meters beginning in January 2014.

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 projects in select U.S. markets. Headquartered in New York, Skanska USA has approximately 8,300 employees and its 2012 revenues were SEK 37.3 billion.