Skanska invests $225 million in the office development project 1550 on the Green in Houston, Texas. The construction contract is worth $125 million 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.