Skanska invests USD 225M, about SEK 1.9 billion, in the office development project 1550 on the Green in Houston, Texas, USA
Skanska has announced a significant investment of USD 225M (approx. SEK 1.9 billion) in its Houston office project, 1550 on the Green. The construction contract valued at USD 125M will be included in the Q2 2021 US order bookings. The office tower, featuring 28 floors and 34,800 square meters, aims for LEED and WiredScore Platinum certifications. Construction is set to commence in June 2021 and complete by 2024. This investment is part of Skanska's broader strategy, which has totaled USD 2.8 billion since 2009 in U.S. projects.
- Investment of USD 225M in the 1550 on the Green project indicates strong growth potential.
- Construction contract of USD 125M will boost Q2 2021 US order bookings.
- Strategic location in Houston with plans for a mixed-use development enhances future profitability.
- None.
ÖSTERSUND, Sweden, June 24, 2021 /PRNewswire/ -- Skanska invests USD 225M, about SEK 1.9 billion, in the office development project 1550 on the Green in Houston, Texas, USA. The construction contract is worth USD 125M, about SEK 1.1 billion, which will be included in the US order bookings for the second quarter 2021. The international law firm Norton Rose Fulbright has signed a 15-year lease for about 30 percent of the building.
Located at 1550 Lamar Street, adjacent to Discovery Green, in downtown Houston, Skanska plans to develop and build a 28-floor, 34,800 square meter office tower. 1550 on the Green will be the first part of a three-block master plan by Skanska, which will transform the parcels into a distinguished district known as Discovery West and consist of 3.5 acres of mixed-use development full of restaurants, retail and lush green space. The project will target LEED and WiredScore Platinum certifications.
Construction is expected to begin in June 2021 and the project is scheduled to be completed in 2024.
Since 2009, Skanska has invested a total of USD 2.8 billion in commercial and multi-family projects, creating more than 1 million square meters of sustainable and community focused developments in select U.S. markets.
Skanska is one of the leading construction- and project development companies in U.S., specialized in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska USA had sales of SEK 66 billion in 2020 and had about 7,600 employees in its operations.
For further information please contact:
Alicia Jones, Director Communications, Skanska USA, tel + 1 703 835 2762
Andreas Joons, Press Officer, Skanska AB, tel +46 (0)10 449 04 94
Direct line for media, tel +46 (0)10 448 88 99
This and previous releases can also be found at www.skanska.com.
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SOURCE Skanska
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