WASHINGTON, DC–Skanska has secured its first office tenant for 99 M St., SE, a 234,000-square foot office it is building in the Capitol Riverfront neighborhood on spec: PYXERA Global is taking 17,000 square feet on the fourth floor, relocating from its current office in the CBD. Savills Studley's Ben Plaisted and Mordecai Scott represented Pyxera in the deal.
The move is a testament to the Capitol Riverfront, Mark Carroll, executive vice president for Skanska's development operations in Washington DC, tells GlobeSt.com. “Tenants in the market today have a lot of options. Sometimes they look at the submarket they are in, but many times they look for the next great location,” he says.
“The fact that this is a CBD tenant moving to Capitol Riverfront shows there are groups that are recognizing the value of this neighborhood.”
Carroll reports that activity and interest in the building has been strong with a number of presentations and tours taking place. “The neighborhood has a great vibe with the delivery of new multifamily and retail.”
Asking rates for the building are full service, in the mid $50s to 60 per square foot range.
He added the company will be making further announcements about new tenants shortly.
Skanska has signed on a handful of retail tenants including the restaurant/bars Open Road and MHG's CIRCA.
The company first announced plans for the 11-story building in 2015. It will deliver in Q1 of 2018, according to Carroll.
WASHINGTON, DC–Skanska has secured its first office tenant for 99 M St., SE, a 234,000-square foot office it is building in the Capitol Riverfront neighborhood on spec: PYXERA Global is taking 17,000 square feet on the fourth floor, relocating from its current office in the CBD. Savills Studley's Ben Plaisted and Mordecai Scott represented Pyxera in the deal.
The move is a testament to the Capitol Riverfront, Mark Carroll, executive vice president for Skanska's development operations in Washington DC, tells GlobeSt.com. “Tenants in the market today have a lot of options. Sometimes they look at the submarket they are in, but many times they look for the next great location,” he says.
“The fact that this is a CBD tenant moving to Capitol Riverfront shows there are groups that are recognizing the value of this neighborhood.”
Carroll reports that activity and interest in the building has been strong with a number of presentations and tours taking place. “The neighborhood has a great vibe with the delivery of new multifamily and retail.”
Asking rates for the building are full service, in the mid $50s to 60 per square foot range.
He added the company will be making further announcements about new tenants shortly.
Skanska has signed on a handful of retail tenants including the restaurant/bars Open Road and MHG's CIRCA.
The company first announced plans for the 11-story building in 2015. It will deliver in Q1 of 2018, according to Carroll.
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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.
