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?
As the economy continues to hum along, it’s time once again for merger mania. By far the most significant example is Los Angeles–based construction giant, AECOM, which in the span of just a couple of months has more than doubled its size. In past years the company has bought firms like DMJM, EDAW, Ellerbe Becket, and Tishman, but it’s been nothing like this year’s spree.
Earlier this week, AN went up to the 67th floor of the recently-opened 4 World Trade Center to get a progress report on the 16-acre redevelopment taking shape below. Inside the wide-open and raw space, Larry Silverstein, the site’s developer, told reporters that his vision for a new World Trade Center had finally become a reality. “I’ve gotten a bit of a reputation as a wild-eyed optimist,” he said in front of a wall of windows. “But even I have to admit that I didn’t see all this coming.” Noting that it had been 13 years since the attacks, he went on to refer to the anniversary as the site’s “bar mitzvah.”
One of Manhattan’s most historic streets could soon become one of its most pedestrian-friendly. That is, if a plan for a revamped Orchard Street from the Lower East Side’s Business Improvement District (BID) is approved by the city. The plan, which was unveiled at a community board meeting last week, calls for curb extensions, bike corals, planters, tree beds, and benches along a six-block stretch of the street. The plan also calls for a pedestrian plaza on adjacent Broome Street.
A six-story office building could sail into the boat yard site of Chicago’s Goose Island in the near future, if plans from Hartshorne Plunkard and developer South Street Capital can navigate logistical and regulatory difficulties surrounding the industrial district on the city’s near north side. Read More
USC School of Architecture has announced that Hadrian Predock will serve as its next director of undergraduate programs. Starting this fall he will take over the position from Alice Kimm, who served for four years. “I’m thrilled,” said Predock. “This is an exciting time as architecture continues to pull out of the recession, and I’m looking forward to helping position the school in larger conversations about where the profession is going.”
Frank Lloyd Wright, who founded the Taliesin Fellowship in 1932, can’t be pleased about the latest news from the school. Architectural Record reported that in 2017 the Taliesin School of Architecture—which currently offers Masters of Architecture degrees at its campuses in Scottsdale, Arizona and Spring Green, Wisconsin—will lose its NAAB accreditation.