Skanska has landed an anchor tenant for its planned trophy office building at 17th and M streets NW, pushing the project from the drawing board to a near-term groundbreaking.
Gibson Dunn & Crutcher LLP signed a 16-year lease for 163,750 square feet, or more than half of the building to be developed at 1700 M St. NW. Construction on the 11-story, 330,000-square-foot 17xM, as Skanska is calling it, will kick off before the end of the year and be complete in 2024, the developer said in a statement. The project is expected to cost $216 million, including a $105 million construction contract, per Skanska.
The 1700 M site is owned by JBG Smith Properties (NYSE: JBGS) but controlled by Skanska via a long-term ground-lease signed in early 2019. The office building that formerly occupied the 34,000-square-foot parcel was demolished by previous owner Vornado Realty Trust (NYSE: VNO), which had retained Gensler to design its replacement. The parcel then transferred to JBG Smith in July 2017 when…
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