Office property in Washington, DC sold for $163m

Office building in Washington, DC sold for $163m
99M, the Navy Yard office building Photo: Courtesy of Skanska

Global project development and construction group Skanska has sold 99M, the Navy Yard office property in Washington, DC, USA, for $163 million (app. SEK 1.5 billion) to an affiliate of Polinger Development Co.

99M is an 11-story, 21,700 square-meter (234,000-square-foot), LEED Gold certified office property in Washington D.C. It is 87 percent leased. Office tenants include Common Grounds, Pyxera Global and Give Campus.

The transaction will be recorded by Skanska USA Commercial Development in the fourth quarter 2019. The transfer of the property is expected to occur in the first quarter 2020.

In addition to ground floor retail the building offers outstanding amenities, including a rooftop. Construction began in the third quarter 2015 and was completed in the second quarter 2018.

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Skanska’s other real estate developments in the greater Washington area include the office building 2112 Penn; the luxury apartment building RESA; the office building 1776 Wilson Blvd and the office building 733 10th and G.

Skanska’s recent land acquisitions include a site at Scott’s Run to develop a multi-family project in Tysons, VA, and 1700 M, a mixed-use development.