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WASHINGTON, DC-Skanska USA’s local Commercial Development business unit will begin the spec development of an eight-story, 165,000 square foot office building in the East End this year. The company has acquired the development rights for the parcel at 10th and G. PN Hoffman, which had begun development of the site but was forced to stop last year when it lost its funding, will partner with Skanska in the building’s development, which will be located at 733 10th St.

Skanska is financing the project entirely from its own balance sheet, Rob Ward, EVP of Skanska USA tells GlobeSt.com. It is an entirely spec deal with no preleases signed or in negotiations, he says.

Skanska acquired the development rights from First Congregational United Church of Christ, with whom PN Hoffman had a development agreement. PN Hoffman had demolished the church and begun excavation when it was forced to stop construction. “We have taken over Hoffman’s position in the deal, working closely with the church,” Ward says. A new church for the congregation is part of the building’s design, which will take up two floors. The church will retain ownership of that space; Skanska will be the building’s majority owner.

The building, which will also have ground floor retail, will begin redevelopment in Q4 2009 with an expected delivery date in the latter half of 2011. It is being designed to LEED Gold standards – an important consideration for Skanska, Ward said. “The fact that the building had been designed to meet Gold LEED standards was critical to the deal.”

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