Skanska divests a 90 percent interest in its 400 Fairview project for USD 235 million, about SEK 2.0 billion, to TIAA-CREF, a leading financial services organization. The TIAA Real Estate Account, a TIAA insurance separate account, will hold the interest in the property following the acquisition. The divestment will be recorded by Skanska Commercial Development USA in the fourth quarter of 2015.
The 323,000 square foot (30,000 square meter) office and retail building in Seattle, Washington, includes the headquarters of US-based companies Tommy Bahama, Impinj and Car Toy’s/Wireless Advocates.
Skanska has formed a partnership with TIAA-CREF and will continue as the managing partner of the asset on behalf of the joint venture.
Skanska USA is one of the leading development and construction companies in the country, consisting of four business units: Skanska USA Building, which specializes in building construction; Skanska USA Civil, specialized in civil infrastructure; Skanska Infrastructure Development North America, which develops public-private partnerships; and Skanska USA Commercial Development, which develops commercial projects in select U.S. markets. Headquartered in New York, Skanska USA has more than 9,600 employees and its 2014 revenues were SEK 43.5 billion.