Skanska is notable for its willingness to self-finance building projects without having tenants, or at least a tenant in the pipeline. In October of 2009 it announced plans to build an $85 million spec office building in the East End. It went on to sell that building in 2012 to Jamestown Properties for $140 million.

And last year, almost to the day, Skanska sold another building it developed on spec -- 1776 Wilson Blvd. in Rosslyn, VA. Invesco Advisors was the buyer and the property traded for $90 million. Skanska had acquired the site in May 2010 and delivered in November 2012.

In both cases the properties traded with respectable occupancy levels, Ward notes.

To be fair, Skanska's latest bet on 99 M St., SE is not as bold as its earlier self-financed projects, both of which were made during the depths of the recession.

There is a lot of activity on the Riverfront, Ward says, and the company has had great feedback from prospective tenants. "Nothing is signed yet but we are hearing strong interest from technology companies, engineering firms – even a law firm has expressed some interest."

That is a telling indicator for the District: typically the federal government locates in emerging submarkets like the Riverfront and indeed, it has a strong presence in these neighborhoods. Plus there are a number of agencies with large blocks of space coming up for renewal. But Ward says Skanska is not focusing on the government as a tenant.

The vacancy rate for this particular neighborhood is very low, Ward adds -- far lower than the average 12% of the greater area.

Reading between the lines this suggests an asking price that may be beyond the budget of a federal agency.

Says Ward: "If you want to be on the Riverfront you don't have that many choices, especially for large blocks of space."