WASHINGTON (July 15, 2015) – Skanska USA Commercial Development announced today plans to start speculative development of 99M, an 11-story, 234,000-square-foot Class A office building with ground-floor retail/restaurant space in Washington’s Capitol Riverfront submarket.
Skanska is self-financing 100 percent of the development costs. Skanska will also serve as the construction manager of 99M with construction scheduled to begin later this summer and will deliver in the fourth quarter of 2017.
Located at the corner of 1st and M Streets SE, 99M will include approximately 220,000 square feet of office space, with approximately 11,000 square feet of retail/restaurant space on the ground floor. 99M is designed to LEED® Gold standards.
“99M’s location, design and amenities capture the vitality of the area, and the energy and personality of the Capitol Riverfront,” said Rob Ward, Executive Vice President for Skanska USA Commercial Development. “We are very confident to move forward on a speculative basis. We believe that this building will be a key component in this rapidly growing mixed-use neighborhood that is becoming one of the District’s go-to destinations.”
The typical office floor will be approximately 22,000 square feet, with finished ceiling heights of 8’11” and 30’ x 45’ column bays. Amenities will include a 4,300-square-foot tenant-only health club and locker room facility, a 4,750-square-foot rooftop terrace with covered and outdoor collaborative areas, secure bicycle storage and a maintenance station, an electric car-charging station, building Wi-Fi and a cellular repeater system.
99M’s design uses innovative building materials, monitoring systems and natural resources that reduce heat absorption, improve air quality and recycle and reuse natural resources. The building is expected to reduce water use by 40 percent, consume 20 percent less energy than typical baseline buildings and produce 30 percent more outside air supply. Sustainable features also include carbon dioxide sensors that monitor and regulate fresh airflow, as well as an extensive green roof to allow for filtration and storage of storm water.
99M is located steps to both Navy Yard-Ballpark Metrorail entrances and is less than five blocks from Capitol Hill. It will be the northernmost anchor of the redevelopment of Square 701, which, in addition to the new office building, includes a new 170-key Residence Inn by Marriott, a 325-unit apartment building, a new 168-key Hampton Inn & Suites and another 29,000 square feet of retail space along 1st Street SE.
Skanska USA Commercial Development invests in and develops customer-focused and highly sustainable office and multi-family properties in Boston, Houston, Seattle and Washington, D.C. Since 2008, Skanska has invested approximately $1 billion in nearly a dozen projects in its select markets. Skanska self-finances the majority of its projects, and serves as the construction manager.