UBS Inks Lease at Skanska’s Upcoming 17xM Tower in DC
It appears that the much-hyped flight to quality is still a thing — for now.
This is the second lease at the property after law firm Gibson, Dunn & Crutcher announced it would anchor the 11-story property at 1700 M Street NW, having signed a lease for 163,715 square feet back in 2021, Commercial Observer reported at the time.
Together the two leases bring the 334,000-square-foot property to 56 percent pre-leased.
Construction at the Kohn Pedersen Fox-designed building topped out last month, and it is scheduled for completion in 2024, at which point UBS will relocate, moving from its current offices at 1501 K Street NW, according to Skanska. The project was estimated to cost $216 million when the company first broke ground in 2021.
Skanska signed a long-term ground lease with JBG Smith in 2019, which owns the 34,000-square-foot property to develop on the site.
Brian Raher at Cushman & Wakefield represented UBS, while CBRE’s Randy Harrell, Jill Goubeaux, Joe Coleman and Lara Nealon represented Skanska in the deal, and are marketing the available space in the property.
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