Skanska to invest record $476M in US office development project

ConDig (12-May-21).  Swedish developer and contractor Skanska is poised to make a record investment in its biggest office development project in Bellevue, Washington.

Skanska said it plans to develop and build a 25-story, 50,300 square meter office tower called The Eight for an investment value of $476 million. 

It will feature a private rooftop deck that measures 300 square meters, seven alternating indoor/outdoor exterior balconies, 1,100 square meters of ground floor retail space and four-levels of below-grade parking that will include valet services and charging stations. 

Skanska said expects to kick off construction in June this year and the project is slated to be completed in fourth quarter of 2023.

The Eight represents Skanska’s sixth development project in the Greater Seattle Area and its second project in Bellevue since it began development operations in the region in 2011. Skanska purchased the land for The Eight in July 2018 and received administrative design review and approval at the end of 2020.

Last month, a joint venture led by Skanska landed a $308 million contract for a Signia by Hilton hotel in Atlanta, Georgia.

Skanska secured a $73 million contract for a multi-purpose event center in Clarksville, Tennessee, also in April.

In December, Skanska bagged two contracts in Georgia and Florida worth a total of $120 million. It also signed an additional $80 million contract to expand Portland International Airport, Oregon.

In October, Skanska secured a $91 million contract to upgrade an aluminum processing facility in the Southeast of the US.

In September, Skanska secured a $64 million contract to build a data center in Oregon. It also bagged a $106 million deal last month for the 95 Northbound viaduct replacement in Providence, Rhode Island.

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