(PRESS RELEASE) STOCKHOLM, 11-Dec-2019 — /EuropaWire/ — Skanska sells 90 percent interest in the Bank of America Tower office property in Houston, Texas, USA to an affiliate of Beacon Capital Partners. The transaction amounts to USD 373 M, about SEK 3.5 billion, which will be recorded by Skanska USA Commercial Development in the fourth quarter 2019. The transfer of ownership of the property is also expected to occur in the fourth quarter 2019.
Bank of America Tower is located in Houston’s Central Business District. The tower has 72,500 square meters (approximately 780,000 SF) of contemporary office space. The Bank of America Tower’s construction began in the second quarter of 2017 and was completed in second quarter of 2019. The property is certified according to LEED Platinum and will use 25 percent less energy than typical facilities.
Its tenants include Bank of America, Waste Management, Winston and Strawn, Quantum Energy Partners and Skanska. The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. The property also boasts of a state-of-the-art conference and private events center that features three meeting venues.
Skanska is a leading construction and development company in the USA. The company specializes in building construction, civil infrastructure and developing commercial properties in select U.S. markets. In 2018, Skanska USA had sales of SEK 67 billion and about 9,000 employees in its operations.
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SOURCE: Skanska AB