Ground lease of Square 75
Our attorneys represented The George Washington University (GWU) in ground leasing Square 75, a development site on Pennsylvania Avenue to Skanska USA. We assisted GWU and its brokers in connection with an extensive RFP process that resulted in proposals from multiple prospective developers. As a result of this process, Skanska (the Swedish development and construction firm) was selected as the winning development team. We represented GWU in structuring a long-term ground lease arrangement with Skanska, and then negotiating and documenting the transaction.
The transaction involved various complexities, ranging from development impacts on adjoining University-owned buildings, the allocation between GWU and Skanska of proffer obligations related to the entitlements, and cross-border issues arising from Skanska’s incorporation in Sweden.
Skanska intends to develop on the site a 250,000 sf trophy office building.