ROSSLYN, VA—Four years ago, in the depth of the recession, Skanska was one of the rare developers willing to bet on spec construction in the DC area. That bet has paid off with the sale of 1776 Wilson Blvd., here for $90 million. Invesco Advisers, Inc. is the buyer of the LEED Platinum, five-story building, which is currently 90% leased.
Skanska acquired the site in May 2010, and self-financed the construction. The building delivered in November 2012. Tenants include Skanska, LMO Advertising, National Association of Chain Drug Stores, U.S. Civil Research & Development Foundation, Black & Veatch Corporation, Pier 1 Imports, and 100 Montaditos.
Earlier this year Skanska announced it was embarking on another development project in the Foggy Bottom submarket, inking a ground lease with George Washington University to develop on Square 75A, a site on the 2100 block of Pennsylvania Ave., NW. It has not yet been decided whether it will be a spec project or not.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
