Skanska USA is firing on all cylinders in the mid-Atlantic region. Prior to the recession, Skanska had already established itself as a formidable contractor in both the building and civil sectors. As the economic downturn began to take its toll on construction firms, the company made a strategic decision to invest in project development in the region, putting its financial resources to work while leveraging its construction knowledge. Today, Skanska's mid-Atlantic operations are stronger than ever, resulting in record regional revenue for the company. In light of the success of these strategies, ENR Mid-Atlantic named Skanska its Contractor of the Year.
Sweden-based Skanska has a well-established track record in commercial and infrastructure development in such global markets as Europe and South America. In 2008, the company made a concerted effort to expand those capabilities into the U.S., targeting the mid-Atlantic region as an area of focus. In 2009, it landed its first commercial development deal by buying the stalled 733 10th Street, NW, project in Washington, D.C., in an all-cash deal. When completed by Skanska USA Building in September 2011, most of the 171,000-sq-ft office building had been preleased. In May 2012, Skanska sold it to Jamestown Properties for $141 million, at a reportedly significant profit.