WASHINGTON, DC-Reports are proliferating thatSkanska’s spec office building at 733 10thSt., NW has traded at a very respectable $818 per squarefoot, or $140 million. It is not bad, not bad at all, for Skanska,which was among the first totake the plunge in spec development here after the crash.

Indeed, after the project launched it quickly became clear that Skanska’s timinghad been impeccable. Months before the building delivered, the firmsecured three major tenants, bringing occupancy to 91%. If theeight-story, 165,000-square foot East End office has indeed closedat $818 per foot, that would place it in the same range as a trophyoffice sale.

However, the window for such a project, it appears, hastemporarily closed and few expect to see much more spec developmententer the pipeline beyond those projects already in the planningstage. For starters, explains Jones Lang LaSalle’sScott Homa, the election cycle ishaving a cooling effect on investment sales activity in Washington,DC.