Skanska USA is building a 220k SF office building a block away from the Navy Yard Metro on spec, banking that location and a Class-A property can attract a tenant by delivery in late 2017. Skanska USA EVP Rob Ward told Bisnow today that, although building on spec is a risk, he believes the 99M building will enter the market at the perfect time. Two hotels and 40k SF of retail on the same block will have been recently completed, but other office buildings in the pipeline for the area will not. "If you're a 50k SF office tenant and want to be on the Capitol Riverfront in 2017, you don't have a lot of options," he says. The building is expected to cost $55.7M.
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