Skanska USA Commercial Development has acquired Parcel L1 of Seaport Square in Boston’s Seaport District from Morgan Stanley and Boston Global Investors for $33 million. Skanska plans to build a 455,000-square-foot office building with ground floor retail.

Located within the 23-acre Seaport Square, Parcel L1 is at the corner of Seaport Boulevard and Boston Wharf Road, adjacent to a planned Seaport Square Park. The site is immediately adjacent to Parcel K, the property Skanska acquired last year with Twining Properties to develop Watermark Seaport, an apartment project with approximately 350 residences and ground floor retail. 

Skanska will work in partnership with WS Development retail developers on the ground floor retail space of the L1 building. Skanska has contributed an additional $4.5 million to Seaport Square’s public realm improvements, according to a company statement.

"The Innovation District is one of the most dynamic submarkets in the country and we are extremely pleased to have acquired Parcel L1, one of the best sites in the heart of Seaport Square," said Shawn Hurley, executive vice president of Skanska in Boston. "The tremendous investment in public infrastructure in the area combined with recently placed private capital has generated a high level of activity that we believe will continue to foster growth and innovation, attract businesses and draw residents to the Seaport District for many years to come. We look forward to delivering a Class A, highly sustainable, and sophisticated office building in this vibrant district."