By Akanimo Sampson
A property development company in the United States of America is pressing ahead with its biggest commercial development project in terms of invested capital.
The Eight Office Tower in Seattle, Washington is set to be the city’s newest office block with Skanska as the contractor.
The 540,000 square foot complex will consist of 25 floors and will feature 12,000 square feet of ground-floor retail space and 7,000 square feet of open public space.
Additionally, there will be a 1,200-square-foot retail pavilion. It will be located on the corner of 8th St. and 108th Ave. NE.
The building has been designed with a side core that allows for huge, flexible floor plates.
The Eight will serve as Skanska’s sixth development project within the Puget Sound area. It will also be the second project within the city of Bellevue since Skanska launched development operations in 2011.
The project will aim to achieve LEED Platinum certification for sustainability along with a Wired Platinum certification for IT.
In a statement issued by the company, Skanska made it known that the construction contract for the project is worth $270 million however the company has not yet signed any lease contracts for the building, which is expected to be completed in 2023.
Skanska representatives however noted that investor demand to buy commercial properties remained strong, helped by low interest rates.
“The Eight is designed for companies interested in leveraging their brand to grow, expand and attract the country’s top talent,” said EVP of Skanska USA commercial development’s Seattle market, Murphy McCullough.
“Skanska is focused on bringing about an incredible building for Bellevue with amenities our tenants and community desire most. A building that is focused on health & wellness from the ground floor to the top of the tower.”
“This is the biggest commercial development project in terms of invested capital,” stated the head of Skanska’s property development operations, Claes Larsson.
