Architectural Record along with its sister construction publication, Engineering News-Record, and other products, Dodge and Sweets, have been sold to Symphony Technology Group (STG), a “strategic private equity firm” in Palo Alto, California, for $320 million. McGraw Hill Construction, the current owner of these publications, announced in a market-jargon-filled press release today that, while there were multiple prospective buyers, they sold to STG because that company understands how to build on McGraw Hill’s “storied past of nimbly adapting to changing market conditions and pursuing new growth opportunities in the construction market.” STG has a global portfolio of 22 companies with a combined revenue of $2.7 billion and 17,000 employees. Will Cathleen Mcguigan and her editorial team be leaving their Pennsylvania Station tower for the green lawns of the Silicon Valley soon?
NORBERT HAS LEFT THE BUILDING
Two issues ago, we brought your attention to a lawsuit in which Reed Construction Data accuses the McGraw-Hill Construction Group of industrial espionage, mail fraud, and racketeering. Norbert Young, president of the construction group, which includes Architectural Record, was mentioned twice as the alleged spy supervisor. Since then, an internal memorandum on November 9 seems damning in its terseness: “I wanted to inform you that Norbert Young has left The McGraw-Hill Companies.” That’s it. No reason given, no thank you for years of service—just the name of the person-in-charge-for-now and a boilerplate pledge to sound leadership and innovation. Cold. Read More