WASHINGTON, DC-Skanska is getting set to select and announce the broker team that will be marketing its soon-to-be constructed office building in NoMa, Rob Ward, president and regional manager of Skanska USA Commercial Development, tells GlobeSt.com. The company met with the prospective teams this week and will be deciding immediately, he says.
Earlier this year, the company acquired the Capitol Plaza site in NoMa at First and M, near Union Station. “We are in full design stage now for the project, which will be done in two stages,” he says. “The first stage will be in the 300,000-square foot to 340,000-square foot range.”
If all of this sounds like a company rushing for a specific start date that is because it is, Ward says. “We want to break ground by the middle of next year.” For all the preparation, Ward is still not sure if this will be a spec development or not. If it does turn out to be one, it will be the firm’s third spec office in less than two years here. “That is certainly an option,” says Ward. “We have the funding in place to go spec if we have to.”
The first spec project launched by Skanska, meanwhile, has worked out well for the company. The company just secured three new leases at 733 10th St., bringing it to 91% occupancy a few months before it is set to be delivered.
CMGRP Inc. will take 71,210 square feet of space. Another 29,422 square feet has been leased by a confidential tenant. Comma, a new restaurant, will occupy 4,800 square feet on the ground floor.
Skanska is building another spec office at 1776 Wilson Blvd. in Arlington, VA, to LEED Platinum specifications. No preleases have been inked yet, Ward says, but the firm is in negotiations with tenants right now.
Asking rates for 1776 Wilson are between $48 per square foot to $50 per square foot, full service. At 733 10th St., asking rates are between $46 per square foot to $52 per square foot, triple net. Ward says it is too early to say definitively what the asking rates will be for the NoMa building but he guesses it will be between $49 per square foot to $54 per square foot, full service.
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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.
