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New office building tests the D.C. market
Published by Billy on Monday, March 22 2010 at 10:42 PM
It’s not something the commercial real estate sector is hearing much about these days. New development of office space and buildings has been increasingly low since the real estate bust in September 2008, and it’s slowing even further with the continued rise in unemployment. However, one D.C. development company is taking a massive risk and moving forward with construction plans they feel is too good an opportunity to pass up.
Sweden-based Skanska Development announced they will be breaking ground this spring to build a 10-story, 165,000 square foot office building in what they consider to be a prime area for D.C. office space at 10th and G streets NW. The group decided to buy land off old church grounds after initial plans for a condo building went bust. Skanska chose this location based on it’s location, centered comfortably amid two Metro stations, eight hotels and more than 40 restaurants, according to the Washington Post.
New to the U.S. market, this will be Skanska’s first city to house their Class A office space. With plans to expand to their offices to Houston and Boston in the near future, the company chose D.C. based on both its past credentials and future promise.
"We're one of the largest developers based in Sweden, and we don't have a commercial real estate presence in the U.S.," said Robert Ward, executive vice president and regional manager at the company's office in Reston.
For free information on office space in the DC area, contact a regional officebroker.com representative today.
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