Swedish contractor Skanska is planning to invest almost $500m in an office tower near Seattle, its largest-ever commercial property development.
The Stockholm-based contractor said on Wednesday it would invest $476m in the scheme, which will be located in the Bellevue district. This city, on the east shores of Lake Washington across from Seattle, was the first home of Amazon, and remains a base for technology companies.
The 25-storey, 50,000-sq-m tower will include a private rooftop deck, alternating indoor and outdoor balconies, more than 1,000 sq m of retail space and four-levels of underground parking. The project will aim to achieve LEED Platinum certification for sustainability and Wired Platinum certification for IT.
Claes Larsson, head of Skanska’s property development operations, told the Reuters news agency that the project was the company’s largest commercial development in terms of invested capital. He added: "It’s a very strong rental market despite the pandemic. Bellevue actually has lower vacancy rates than Seattle, which is also a good market."
The construction value of the project is $270m and completion is scheduled for 2023.
Image: Bellevue is home to some of the world’s largest technology companies, including T-Mobile, and Valve (CommunistSquared/Public Domain)