Skanska sells majority stake in Bank of America Tower in Houston

Skanska sells majority stake in Bank of America Tower in Houston

Global project development and construction group Skanska has agreed to sell a 90 percent interest in the Bank of America Tower office property in Houston, Texas, USA, for $373 million (SEK 3.5 billion), to an affiliate of Beacon Capital Partners.

”The transaction will be recorded by New York-based Skanska USA Commercial Development in the fourth quarter 2019. The transfer of ownership of the property is also expected to occur in the fourth quarter 2019,” said in a press release.

Bank of America Tower offers 72,500 square meters (approximately 780,000 SF) of contemporary office space in Houston’s Central Business District, tenants include Bank of America, Waste Management, Winston and Strawn, Quantum Energy Partners and Skanska.

The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. Tenants also have access to The Assembly, a state-of-the-art conference and private events center that features three meeting venues. The building will use 25 percent less energy than typical facilities and is certified according to LEED Platinum.

Construction of Bank of America Tower began in the second quarter of 2017 and was completed in second quarter of 2019.

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