Clark Construction Group, one of the country’s largest building and civic construction firms, reportedly has been sold to over a dozen of its long-time owners and executives.
The Washington Post reports that the new owners of Bethesda, Md.-based Clark, who will now control 100% of the business, include its Chairman Dan T. Montgomery, its Director Peter C. Forster, and its President and CEO Robert D. Moser Jr. Clark Construction, which generates more than $4 billion in annual revenue, has 4,000 employees in 11 offices in the U.S.
Terms of this agreement were not disclosed. A call to Clark’s spokesperson, Susan Ross, was not returned by presstime.
What precipitated this transition of ownership was the death from congestive heart failure of the 87-year-old A. James Clark in March 2015. His Clark Enterprises owned a majority stake in Clark Construction. The sale of Clark Construction was announced on January 14, but apparently had been consummated several weeks earlier.
Clark Enterprises, a diversified private investment management firm, will now be separate from Clark Construction, which dates back to 1906, and whose iconic projects have included Verizon Center, Nationals Park, and FedEx Field in Washington D.C., along with the Ronald Reagan Building in Los Angeles and an addition to Lincoln Center for the Performing Arts in New York City.
According to the company’s history, the present-day Clark Construction Group evolved from its biggest subsidiary, The George Hyman Construction Company. A. James Clark, who had been an employee of Hyman since 1950, took over the business in the 1960s and established Clark Construction in 1982.
Clark Construction’s expertise extends to design-build, lean and pre-construction, public-private partnerships, and virtual design and construction. Its 23 market sectors include offices, aviation, sports and entertainment, mission critical, hospitality, government, education, and multifamily.
Among its recent projects is a joint venture with Horizon on the $100 million, 250,000-sf Joint Processing Center in Houston that is expected to establish a new level of correctional processing for that city. The building will include temporary holding cells, medical facilities and cells, arraignment courtrooms, short-term inmate housing, and operations for the County Sheriff and City Police departments.
Clark is building the 43-story, 872,000-sf Park Tower at Transbay in San Francisco, a JV of The John Buck Company, Golub and Company, and Metlife, and designed by Goettsch Partners. And Clark is engaged with architect Fentress Architects in a $500 million renovation of 500,000 sf of exhibit and interior spaces at the Miami Convention Center, a project that includes an addition of a 60,000-sf ballroom with meeting and pre-function space.
Related Stories
Laboratories | May 24, 2024
The Department of Energy breaks ground on the Princeton Plasma Innovation Center
In Princeton, N.J., the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (PPPL) has broken ground on the Princeton Plasma Innovation Center (PPIC), a state-of-the-art office and laboratory building. Designed and constructed by SmithGroup, the $109.7 million facility will provide space for research supporting PPPL’s expanded mission into microelectronics, quantum sensors and devices, and sustainability sciences.
MFPRO+ News | May 24, 2024
Austin, Texas, outlaws windowless bedrooms
Austin, Texas will no longer allow developers to build windowless bedrooms. For at least two decades, the city had permitted developers to build thousands of windowless bedrooms.
Resiliency | May 24, 2024
As temperatures underground rise, so do risks to commercial buildings
Heat created by underground structures is increasing the risk of damage to buildings, recent studies have found. Basements, train tunnels, sewers, and other underground systems are making the ground around them warmer, which causes soil, sand, clay and silt to shift, settle, contract, and expand.
Sports and Recreational Facilities | May 23, 2024
The Cincinnati Open will undergo a campus-wide renovation ahead of the expanded 2025 tournament
One of the longest-running tennis tournaments in the country, the Cincinnati Open will add a 2,000-seat stadium, new courts and player center, and more greenspace to create a park-like atmosphere.
Mass Timber | May 22, 2024
3 mass timber architecture innovations
As mass timber construction evolves from the first decade of projects, we're finding an increasing variety of mass timber solutions. Here are three primary examples.
MFPRO+ News | May 21, 2024
Massachusetts governor launches advocacy group to push for more housing
Massachusetts’ Gov. Maura Healey and Lt. Gov. Kim Driscoll have taken the unusual step of setting up a nonprofit to advocate for pro-housing efforts at the local level. One Commonwealth Inc., will work to provide political and financial support for local housing initiatives, a key pillar of the governor’s agenda.
Building Tech | May 21, 2024
In a world first, load-bearing concrete walls built with a 3D printer
A Germany-based construction engineering company says it has constructed the world’s first load-bearing concrete walls built with a 3D printer. Züblin built a new warehouse from a single 3D print for Strabag Baumaschinentechnik International in Stuttgart, Germany using a Putzmeister 3D printer.
MFPRO+ News | May 20, 2024
Florida condo market roiled by structural safety standards law
A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.
Mass Timber | May 17, 2024
Charlotte's new multifamily mid-rise will feature exposed mass timber
Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.
Construction Costs | May 16, 2024
New download: BD+C's May 2024 Market Intelligence Report
Building Design+Construction's monthly Market Intelligence Report offers a snapshot of the health of the U.S. building construction industry, including the commercial, multifamily, institutional, and industrial building sectors. This report tracks the latest metrics related to construction spending, demand for design services, contractor backlogs, and material price trends.
