Delivering $1 Billion Wilshire Grand Tower in Los Angeles
PASADENA, Calif., 11/05/2014 –(BUSINESS WIRE)– 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.
Source: Jacobs Engineering Group Inc.