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Skanska Signs First Office Tenant At Capitol Riverfront's 99 M

Skanska Signs First Office Tenant At Capitol Riverfront's 99 M
A rendering of Skanska's spec office project at 99 M St. SE

Skanska has landed the first office tenant at its 99 M St. SE speculative office development in Capitol Riverfront

Pyxera Global signed on for 17K SF on the fourth floor of the under-construction 234K SF office building. The company will move in June from its office at the Unizo-owned 1030 15th St. NW. 

Skanska broke ground on the 11-story project, sitting one block from the Navy Yard Metro, in summer 2015. It has since signed two restaurants, Circa and Open Road, for the ground-floor retail space. 

Skanska Executive Vice President Mark Carroll previewed the announcement at Bisnow's Capitol Riverfront event in July, when he said Skanska is working on signing multiple tenants.

“About nine months to a year ago it felt like the tides were turning," Carroll said at the event. "Not only in the neighborhood but also in the market. The velocity of calls and interest was really increasing."  

Most developers building office buildings speculatively, even though they do not require pre-leasing before securing construction financing, prefer to sign a large tenant before filling in the last pieces of vacancies with smaller tenants. It is unclear why Skanska decided to move forward with a 17K SF tenant rather than an anchor taking up multiple floors.