RSS FeedHole At 10th & G St NW Becomes Less Holey
We’ll cut right to the chase. A Swedish development company, Skanska, is assuming PN Hoffman’s position in the joint construction project at 10th and G Streets NW between PN Hoffman and the First Congregational United Church of Christ. The project had come to a halt in February of this year because no tenant meant no financing. How much did Skanska pay up? $85 million. What we found most interesting was that a non-US company is coming in to the equation to finance and build out the project. Also, the building will be built on spec meaning there is no tenant lined up which to us is a real vote of confidence in the business environment in downtown DC. The project start date is listed as 2010 and the finish date as 2011.
10th and G [Skanska press release]
Skanska Develops $85M Spec East End Office [GlobeSt.com]
Skanska USA takes over $85 million G St. project [WaBizJo]
Hat tip: Si
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Skanska has a large U.S. presence, based out of the Empire State Building, with 31 additional offices around the country generating $6.5B in revenue in 2008.Considering they are self financing the project on spec, I’d say that’s a pretty impressive operation regardless of global origin.