ROSSLYN, VA—Four years ago, in the depth of the recession,Skanska was one of the rare developers willing tobet on spec construction in the DC area. That bet has paid off withthe sale of 1776 Wilson Blvd., here for$90 million. Invesco Advisers,Inc. is the buyer of the LEED Platinum, five-storybuilding, which is currently 90% leased.
Skanska acquired the site in May 2010, and self-financed theconstruction. The building delivered in November 2012. Tenantsinclude Skanska, LMO Advertising, National Association of ChainDrug Stores, U.S. Civil Research & Development Foundation,Black & Veatch Corporation, Pier 1 Imports, and 100Montaditos.
Earlier this year Skanska announced it was embarking on another development project in the FoggyBottom submarket, inking a ground lease with George WashingtonUniversity to develop on Square 75A, a site on the 2100 block ofPennsylvania Ave., NW. It has not yet been decided whether it willbe 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.
