Skanska USA to develop a residential tower in Boston, Massachusetts

19 October 2015 (Last Updated October 19th, 2015 18:30)

Swedish construction giant Skanska will be investing around $26m for a new residential tower development in Boston, US.

Skanska Office Washington DC

Swedish construction giant Skanska will be investing around $26m for a new residential tower development in Boston, US.

A joint venture formed by Skanska USA Commercial Development and Prudential Real Estate Investors has awarded an $88m contract to Skanska USA Building which will work as the construction manager for the development.

The firm will be responsible for the construction of a new 17 storied multi-family development, which will offer 17,000m² of floor space.

It will comprise of 212 residential units along with 650m² of retail space and two parking levels.

Construction work for the development, which aims for a LEED Gold certification, will start from this month.

Skanska is expected to complete the development by the fourth quarter of 2017.

The firm is also developing a new office building in Washington, D.C., which is expected to involve an investment of $126m.

"The project will have Skanska USA Building as the construction manager, which will add a contract value of $59m to its final quarter order bookings in this year."

The project will have Skanska USA Building as the construction manager, which will add a contract value of $59m to its final quarter order bookings in this year.

The firm will be developing 11 storied 23,000m² Class A office building under the project, which will comprise of around 900m² of ground-floor retail.

Skanska USA is the American unit of the Swedish construction giant and operates through four business units in the country: Skanska USA Building, Skanska USA Civil, Skanska Infrastructure Development North America, and Skanska USA Commercial Development.

Skanska USA has its headquarters in New York, and had recorded revenues of SEK43.5bn ($5.25bn) in 2014.


Image: Skanska Washington office investment. Photo: courtesy of Skanska.