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AECOM's Tishman to Manage One Vanderbilt Construction
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AECOM’s (ACM - Free Report) Tishman Construction unit has clinched a major contract in Manhattan area for managing the construction of One Vanderbilt. Less than a month ago, the unit had been selected to be the preconstruction and construction manager of Brookfield’s One Manhattan West, situated in New York City. The project was included in AECOM's first-quarter fiscal 2016 backlog.
Being developed by New York’s largest real estate investment trust, SL Green Realty Corp. (SLG - Free Report) , One Vanderbilt is a massive tower that will be part of the planned Midtown East rezoning. Designed by Kohn Pedersen Fox (“KPF”), the tower will stand 1,401-foot tall, adjacent to the Grand Central Terminal in the East Midtown business district.
One Vanderbilt will include 1.6 million square feet of Class A commercial space, a public transit and an expansive foot public plaza, to name a few. Also, the soaring tower is a close second to the tallest building in the Western Hemisphere – One World Trade Center – that has also been constructed by Tishman. With an estimated construction value of $1 billion, the project is likely to be completed in 2020.
AECOM’s segments, namely, Construction Services and Management Services have proven to be strong catalysts over the past few quarters. As a matter of fact, in building construction business, organic revenue growth accelerated 25% in the second quarter of fiscal 2016 along with project wins worth $1.2 billion, reflecting the company’s underlying strength. A robust portfolio of high-profile projects in core metro markets like New York is proving to be beneficial for the company’s Construction segment.
This apart, we believe strong business bonds with project developers and foreign direct investment partners have unlocked multiple opportunities in new markets, including London and Los Angeles. AECOM ended the second quarter of fiscal 2016 with almost $39 billion in backlog, which is a key indicator of future revenue growth.
AECOM currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader sector include Willdan Group, Inc. (WLDN - Free Report) and EnerSys (ENS - Free Report) . Both the stocks carry a Zacks Rank #2 (Buy).
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AECOM's Tishman to Manage One Vanderbilt Construction
AECOM’s (ACM - Free Report) Tishman Construction unit has clinched a major contract in Manhattan area for managing the construction of One Vanderbilt. Less than a month ago, the unit had been selected to be the preconstruction and construction manager of Brookfield’s One Manhattan West, situated in New York City. The project was included in AECOM's first-quarter fiscal 2016 backlog.
Being developed by New York’s largest real estate investment trust, SL Green Realty Corp. (SLG - Free Report) , One Vanderbilt is a massive tower that will be part of the planned Midtown East rezoning. Designed by Kohn Pedersen Fox (“KPF”), the tower will stand 1,401-foot tall, adjacent to the Grand Central Terminal in the East Midtown business district.
One Vanderbilt will include 1.6 million square feet of Class A commercial space, a public transit and an expansive foot public plaza, to name a few. Also, the soaring tower is a close second to the tallest building in the Western Hemisphere – One World Trade Center – that has also been constructed by Tishman. With an estimated construction value of $1 billion, the project is likely to be completed in 2020.
AECOM’s segments, namely, Construction Services and Management Services have proven to be strong catalysts over the past few quarters. As a matter of fact, in building construction business, organic revenue growth accelerated 25% in the second quarter of fiscal 2016 along with project wins worth $1.2 billion, reflecting the company’s underlying strength. A robust portfolio of high-profile projects in core metro markets like New York is proving to be beneficial for the company’s Construction segment.
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This apart, we believe strong business bonds with project developers and foreign direct investment partners have unlocked multiple opportunities in new markets, including London and Los Angeles. AECOM ended the second quarter of fiscal 2016 with almost $39 billion in backlog, which is a key indicator of future revenue growth.
AECOM currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader sector include Willdan Group, Inc. (WLDN - Free Report) and EnerSys (ENS - Free Report) . Both the stocks carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>