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February 23, 2017
Specialty: Development and construction in commercial real estate, transportation, infrastructure, healthcare, education, data centers and aviation
Management: Rich Cavallaro, USA CEO; Shawn Hurley, USA commercial development CEO (oversees U.S. real estate operations)
Founded: 1887, Malmo, Sweden; 1946, Seattle; started commercial development in Seattle in 2011
Headquarters: Global headquarters, Stockholm, Sweden; U.S. headquarters, New York City
Projects: 2+U, a 38-story office tower in downtown Seattle; 400 Fairview, a 14-story, Class A office building in South Lake Union with open style retail market hall
Murphy McCullough, executive vice president, answered some questions about his firm and the local real estate market.
Q: What has been Skanska USA Commercial Development’s focus in the Seattle market?
A: In the last year, we were focused on leasing the office and retail space at our 400 Fairview project in South Lake Union, and getting through the entitlement process to begin construction on our new downtown office tower project, 2+U. 400 Fairview is now 100 percent leased and we broke ground on 2+U just this month. Overall, our team is always keenly focused on two things: what our clients need to succeed at what they do and what our communities need to thrive.
Q: Are there any particular areas in Seattle that Skanska likes?
A: Most of our business is focused on Seattle’s urban core, but we will always listen to what our clients need and what the market needs, and will adapt to that. Two great examples of that are our Stone34 project we developed as Brooks Sports’ headquarters in Fremont, and our Alley 111 multifamily development in Bellevue.
Q: What is one of the main challenges Skanska has faced in the last year?
A: Seattle is one of the hottest markets in the country right now. One of the biggest challenges we face is the availability and cost of land.
Q: On a macro level, what economic factors are driving the Seattle commercial market?
A: The success of Seattle’s commercial market is driven in part by above average job growth, a well-educated workforce and, of course, growth in the technology sector.
Q: How aggressive or conservative in the Seattle market will Skanska be in the coming year?
A: Skanska is committed to the Seattle community. We are always on the lookout for the best opportunities to meet our customers’ needs, and this year will be no different in that regard.