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Skanska Sells Boston Tower for $455M
Skanska is divesting 121 Seaport office tower development in Boston, to SVF Acquisitions, LLC, a JV between American Realty Advisors and Norges Bank Real Estate Management for roughly $455 million. The deal for the 17-story, 400,000-square-foot newly-built building is expected to close in Q4 2018.
The LEED Platinum certified office property is accompanied by 275 below-grade parking spaces attached to a two-story, 50,000-square-foot retail condominium. The office tower is 100% leased to PTC and Alexion Pharmaceuticals, and features a distinctive elliptical-shape and sustainable design.
Construction of 121 Seaport began in the third quarter of 2015 and was completed in the 2Q 2018. 121 Seaport is one of Skanska’s three developments on Seaport Boulevard in Boston. Skanska also developed 101 Seaport, which the company sold in 2016, and Watermark Seaport, which the company sold in 2017.
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- ◦Sale/Acquisition