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Skanska Sells Brand New Office Tower For Record Price

Skanska Sells Brand New Office Tower For Record Price
Downtown Houston skyline

Houston reportedly has a new high water mark for office sales prices.

Skanska USA has sold the 780K SF Bank of America Tower office building for $542M, according to Real Estate Alert.

At $685 per SF, the sale set a new record, far exceeding the previous $528 per SF benchmark set by BBVA Tower in the Galleria in 2015. The buyer, the California State Teachers Retirement System, worked with Eastdil Secured in brokering its purchase. Skanska may retain a 10% stake in the deal, REA reports.

Skanska completed the building, once known as Capitol Tower, earlier this year. Bank of America acquired the naming rights when it signed a 210K SF lease. While the LEED Platinum building bears Bank of America's name, Waste Management is its largest tenant, occupying 284K SF. 

The deal might not hold the record long. Nearby, CalPERS and Hines have enlisted Cushman & Wakefield to list 609 Main, the latest jewel in Downtown's skyline. The 1.1M SF skyscraper could attract bids of about $660/SF, or $700M, according to REA.