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Swedish firm invests in Boston property

A Swedish commercial real estate development firm recently announced that it made another investment in the state of Massachusetts. Skanska USA Commercial Development, with regional offices in Boston, acquired a one-acre parking lot in that city. The commercial real estate purchase was made from a joint venture between Morgan Stanley and Boston Global Investors. A company executive said that the recent acquisition underscores its commitment to the region.

Plans are to erect a 17-story office building that has retail space available on the ground floor. No leases have been signed yet, but negotiations with several potential tenants are ongoing. This is the company's third investment in the immediate area, including its 2012 purchase of property for $33 million that will serve as regional offices for PricewaterhouseCoopers.

Another nearby parcel was purchased by Skanska in 2012 for $18.6 million. Plans for that property call for the development of a 350-unit residential tower with ground floor retail space. These three properties are only a few of the real estate investments that Skanska has made in the greater Boston area. The firm also invested $70 million in a 120,000-square-foot office building.

Corporations and real estate investment trusts typically work with local attorneys when negotiating sales, purchases or managing complicated leasing issues. Real estate attorneys are also an effective resource for corporations dealing with zoning, land use or development issues. Executives typically work with local law firms that have a full array of experience dealing with hotels, shopping malls, office buildings and gas stations. Clients that often need real estate legal counsel include insurance companies, institutional investors, corporate buyers and sellers, and developers.

Source: Boston Business Journal, "Skanska pays $36M for another Seaport parcel", Thomas Grillo, December 02, 2013

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