Skanska has sold their remaining 10 percent ownership stake in Bank of America Tower in Houston, Texas for approximately $24 million to an affiliate of Beacon Capital Partners. The transaction will be recorded by Skanska USA Commercial Development in the third quarter 2021. The transfer of ownership of the property is also expected to occur in the third quarter 2021.
The divestment follows Skanska sale of its majority interest in 2019 to an affiliate of Beacon Capital Partners. Bank of America Tower in Houston is the first v4 Platinum Core & Shell certified project in the United States, and the third in the world. Tenants include Bank of America, Waste Management, Winston and Strawn, Quantum Energy Partners and Skanska. Construction of Bank of America Tower was completed in second quarter of 2019.
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.