Skanska sells majority interest in Seattle office tower for $669m

Skanska sells majority interest in Seattle office tower for $669m
2+U, developed by Skanska USA Commercial Development in Seattle

Nordic development and construction company Skanska has sold a 95 percent interest in the 2+U, an office tower in Seattle, Washington, USA, for $669 million (about SEK 5.5 billion) to South Korean financial group Hana Alternative Asset Management, alongside Hana Financial Group.

Skanska will continue to be involved in the project and complete the ground plane and retail vision.

Skanska said the divestment marks the largest single-property real estate transaction in the U.S. since the beginning of the Covid-19 pandemic.

2+U is a comprised of 65,000-square meter (approximately 703,000 RSF) office tower in Seattle’s Central Business District and a 2,200 square-meter open-air community hub on the ground floor, known as the Urban Village, with local retail and cultural space.

Office tenants include Qualtrics,, Dropbox Inc. and Spaces.

READ ALSO : Hudson Pacific, CPP Investments to acquire office tower in Seattle for $625m

Construction of 2+U began in the second quarter of 2017, both exterior and interior elements were completed in the third quarter of 2019. Since then, continual tenant adaptions have been made and will continue as tenants move in.

“Skanska is pleased to be partnering with Hana on 2+U. Hana is a well-respected professional organization that has a long history of owning top tier Class A+ office buildings in international markets. They are well positioned for the future and will help shape and refine what 2+U will become for the community, our city, and our tenants,” said Murphy McCullough, Executive Vice President for Skanska USA Commercial Development’s Seattle market.

Since 2009, Skanska USA Commercial Development has invested more than USD 2 billion in office and multi-family projects, and has developed offices for tenants including, Waste Management Inc., Bank of America, Brooks Sports, PricewaterhouseCoopers
and Tommy Bahama.