China’s largest contractor made possibly the biggest acquisition by a Chinese firm in the US building industry to date, by snatching up New York-based Plaza Construction last week.
China Construction America, a unit of Beijing’s publicly listed China State Construction Engineering Corp bought privately owned Plaza, a major construction management firm which is active in South Florida and the mid-Atlantic region for an undisclosed sum, from real estate developer Fisher Brothers.
In a statement to the press, Plaza executive Brad Meltzer said, “The acquisition will afford Plaza greater financial strength and bonding capacity and enhance procurement capabilities and it will allow greater opportunity for our employees to grow in their profession.’’
Third Major Acquisition this Year
By purchasing Plaza, China Construction America is making its first significant acquisition in the US engineering industry this year, but the company has already made two major US real estate buys in 2013.
In October this year, China Construction bought the 99 Hudson Street site in New Jersey for $68 million – a residential property approved for building of up to 1000 apartments. Also, during April this year the company spent $71 million to buy a suburban New Jersey office building for $71 million.
Plaza Active in Eastern US
By acquiring Plaza, China Construction America is taking on a company with an extensive track record across the eastern US, from New York to Miami.
Among the company’s projects, Plaza built the 50-storey World Headquarters of Random House in New York, Miami’s 24-storey Town Center One, and the W Hotel in South Beach, Florida.
In it’s home country, China State Construction Engineering Corp has been the main contractor for many of the nation’s most noteworthy buildings, including the Shanghai World Financial Centre (SWFC), the CCTV Centre in Beijing, and the Water Cube for the Beijing 2008 Olympic Games.