Skanska Agrees to $152M Helsinki Office Sale

The 190,000-square-foot development, set to become the headquarters for the European Chemicals Agency, is under construction and anticipated to be delivered by the end of 2019.
European Chemicals Agency ECHA headquarters. Image courtesy of L Architects Oy

German investor HANSAINVEST Real Assets has reached an agreement to purchase a major office development in central Helsinki from Skanska for €135 million, or approximately $152 million. The 190,000-square-foot project broke ground shortly after Skanska signed the European Chemical Agency to a headquarters lease in December 2017.

The developer anticipates construction will wrap up by the end of this year. The sale will occur in January 2020, around the same time the tenant moves into the new space.

Located at 6-8 Telakkakatu in the former shipyard district of Telakkaranta, the two-building project is less than a mile south of downtown Helsinki and near an abundance of public transportation options. The first building is a ground-up construction project that will rise eight stories upon completion. The other structure is an adaptive reuse of a disused machine shop. The two will be connected via a walking passage.

Skanska has been busy in the area since 2006, when it began redeveloping the formerly industrial area in tandem with the City of Helsinki. Two condominium developments currently underway nearby—the 29-unit Helsinki Annex and the 49-unit Helsinki Court—are slated for delivery in 2021 and 2022. Additional retail, office and multifamily projects are planned for the future.

Last summer, Skanska agreed to sell another of its Helsinki projects—the nearly 130,000-square-foot K6—for approximately $62 million. The development is located some 3 miles northeast of Telakarranta.