Tutor Perini Awarded Construction Contract for Hudson Yards South Tower in New York City
March 27, 2013
NEW YORK--(BUSINESS WIRE)--Mar. 27, 2013-- Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced that its subsidiary, Tutor Perini Building Corp., was recently awarded a construction contract by Related Companies (“Related”) and Oxford Properties Group to build theSouth Tower at Hudson Yards, a 26-acre mixed-use development in midtown Manhattan. The 1.7 million-square-foot, 47-story South Tower, located at the northeast corner of 10th Avenue and 30th Street, will be the future home of Coach, Inc.’s world headquarters. Construction commenced on the anticipated LEED Gold tower late last year and is expected to be complete in 2015. Kohn Pedersen Fox Associates is the architect and Thornton Tomasetti is the structural engineer. Tutor Perini’s contract value will be included as part of the Company’s reported first quarter backlog. The contract value excludes certain subcontractor costs which Related will retain through its direct contracts with those subcontractors, but includes an anticipated profit amount that is based on the total construction value of the South Tower project.
Tutor Perini is working closely with the Building and Construction Trades Council of Greater New York and its affiliated unions. The Hudson Yards development is expected to create nearly 23,000 construction jobs.Related Companies and Oxford Properties Group retained Tutor Perini as the general contractor for Hudson Yards in January 2012.
Craig Shaw , President and CEO of Tutor Perini Building Corp., said, “We are pleased to be moving forward with construction of the South Tower at Hudson Yards, and we look forward to starting work later this year on the additional phases of this historic project, which will transform and vitalize midtown Manhattan’s west side over the coming years.”
Hudson Yards is the largest private development in New York City since Rockefeller Center. The site, which is the single largest piece of undeveloped property in Manhattan, is set to become the centerpiece of the historic expansion of midtown Manhattan’s central business district to the west side. It will accommodate over 13 million square feet, including over 6 million square feet of commercial space, approximately 5,000 residences, a new public school, and luxury hotel.