Jacobs Awarded Construction Management Contract from Martin Project Management
November 05 2014 - 7:45AM
Business Wire
Delivering $1 Billion Wilshire Grand Tower in
Los Angeles
Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it
was awarded a contract by Martin Project Management, LLC. (MPM) to
support the delivery of the Wilshire Grand Development in downtown
Los Angeles, Calif., a project designed by AC Martin Partners,
Inc.
Company officials estimate the project to cost more than $1
billion.
Under the terms of the contract, Jacobs is providing a narrowly
defined scope of construction management services to MPM for what
is expected to be the tallest building west of the Mississippi
River. The project is being developed by Korean Air and its parent
company the Hanjin Group.
In making the announcement, Jacobs Group Vice President Tom
McDuffie stated, “We are very pleased to be part of the overall
development team, and to have the opportunity to work on such a
significant project in Los Angeles. We look forward to leveraging
our extensive global construction management experience to assist
MPM in delivering excellent professional services to Korean Air on
this building.”
Construction is expected to be complete in 2017, at which time
InterContinental Hotels Group plans to manage a nearly 900-room
hotel atop the 1,100 foot tall tower. The building is also designed
to house roughly 400,000 square feet of offices, restaurants and
high-end retail space at the lower levels.
Jacobs, headquartered in Pasadena, Calif., is one of the world's
largest and most diverse providers of technical professional and
construction services.
Statements made in this release that are not based on historical
fact are forward-looking statements. We base these forward-looking
statements on management’s current estimates and expectations as
well as currently available competitive, financial and economic
data. Forward-looking statements, however, are inherently
uncertain. There are a variety of factors that could cause business
results to differ materially from our forward-looking
statements. For a description of some of the factors which may
occur that could cause actual results to differ from our
forward-looking statements please refer to our 2013 Form 10-K, and
in particular the discussions contained under Items 1 - Business,
1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's
Discussion and Analysis of Financial Condition and Results of
Operations. We do not undertake to update any forward-looking
statements made herein.
Jacobs Engineering Group Inc.Michelle Jones, 626-578-6968
Jacobs Engineering (NYSE:JEC)
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