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Skanska is reportedly cashing out of the office building it developed on spec in the Capitol Riverfront neighborhood.
The developer reached a deal to sell the 99 M St. SE office building to a joint venture of Boston-based State Street Global and Maryland-based Polinger Co. for $170M, Real Estate Alert reports.
The 11-story, 234K SF office building sits one block from Nationals Park and the Navy Yard Metro station. It is directly adjacent to the F1RST apartment building, which is also under contract to be sold for $161M.
Construction began on the 99 M building without a tenant in 2015, and it delivered last year. It has since reached 76% leased with tenants including GiveCampus, Pyxera Global, Credit Union National Association, IAM National Pension Fund and the Retail Industry Leaders Association. Its ground-floor retail space includes Circa, Él Bebe and Bluestone Lane.
The building's leasing has contributed to the ongoing maturation of the office market in Capitol Riverfront, which has the lowest vacancy of any submarket in the District at 7.6%, according to Newmark Knight Frank. Skanska declined to comment.
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