{"id":1004239628,"date":"2018-07-03T04:25:56","date_gmt":"2018-07-03T12:25:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004239628"},"modified":"2022-12-09T02:01:27","modified_gmt":"2022-12-09T10:01:27","slug":"skanska-kicks-off-128m-office-project-in-massachusetts","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skanska-kicks-off-128m-office-project-in-massachusetts\/","title":{"rendered":"Skanska Kicks Off $128M Office Project in Massachusetts"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

There\u2019s a loud cry for premier office space in Boston\u2019s Seaport District, and Skanska is preparing a response. The development company recently commenced construction of Two Drydock, a cutting-edge, 225,000-square-foot office tower that will cost $128 million to bring to fruition. <\/p>\n

With the address of Two Drydock Ave., Two Drydock will sprout up on a site known as Parcel Q1 in the Seaport District\u2019s Marine Industrial Park micro-market. In addition to Class A office space, the property will feature ground-level retail space and an approximately 12,000-square-foot public park. Architectural firm SGA designed the 12-story tower, which is being built to meet LEED Gold certification as part of the property\u2019s focus on sustainability.<\/p>\n

Two Drydock is just one of many projects in the Seaport District that bear the Skanska mark. \u201cSkanska has led the transformation of this neighborhood,\u201d<\/em> as noted in the annual report of Skanska, parent company of Skanska USA. The company\u2019s work in the submarket includes the 440,000-square-foot office high-rise at 101 Seaport Blvd., which it sold for $452 million<\/a>, and Watermark Seaport, a two-building, 346-unit multifamily community. Skanska also completed the development of 121 Seaport Blvd.<\/a>, a 17-story tower featuring 400,000 square feet of office space above a 50,000-square-foot retail podium. The spec project is already fully leased.<\/p>\n

Development of Two Drydock is on schedule to reach completion in December 2019.<\/p>\n

Desperately seeking seaport square footage<\/strong><\/h2>\n

Two Drydock is a speculative project that, due in no small part to its location, is likely to find a warm reception from office users. \u201cDespite ending the first quarter with relatively flat levels of absorption, demand in the Seaport has not waned,\u201d<\/em> according to a report by CBRE, the commercial real estate services firm that has been tapped by Skanska to oversee leasing at Two Drydock. \u201cExisting large block availabilities continue to be scarce.\u201d<\/em><\/p>\n

Proof of the high level of demand for office accommodations in the Seaport District is in the numbers. The average vacancy rate for Class A space in the submarket in the first quarter was a mere 1.7 percent, the lowest vacancy rate for any office property class in any of Boston\u2019s submarkets. Additionally, the average asking rent of $67.56 per square-foot for Class A product in the Seaport District led the market as well. <\/p>\n

Image courtesy of Skanska<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Two Drydock will open in Boston\u2019s coveted Seaport District, featuring 225,000 square feet of premier office accommodations, retail space and a 12,000-square-foot public park. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21808,21742,10,21747],"tags":[32789,32779,32886],"class_list":["post-1004239628","post","type-post","status-publish","format-standard","hentry","category-boston","category-development","category-featured","category-latest","category-northeast","category-office","tag-cbre","tag-leed","tag-skanska"],"acf":[],"yoast_head":"\nSkanska Kicks Off $128M Office Project in Massachusetts - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/skanska-kicks-off-128m-office-project-in-massachusetts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Skanska Kicks Off $128M Office Project in Massachusetts\" \/>\n<meta property=\"og:description\" content=\"Two Drydock will open in Boston\u2019s coveted Seaport District, featuring 225,000 square feet of premier office accommodations, retail space and a 12,000-square-foot public park.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/skanska-kicks-off-128m-office-project-in-massachusetts\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-03T12:25:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:01:27+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/skanska-kicks-off-128m-office-project-in-massachusetts\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/skanska-kicks-off-128m-office-project-in-massachusetts\/\",\"name\":\"Skanska Kicks Off $128M Office Project in Massachusetts - 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