25th Jul 2014 07:58
LONDON (Alliance News) - Balfour Beatty PLC said Friday that it has been awarded a USD136 million contract to build an office block in uptown Charlotte, North Carolina.
The building, known as 300 South Tryon, is being developed by Cornerstone Real Estate Advisers LLC and consists of a distinctive 25-storey office building and a four level underground parking garage, said Balfour.
The company said that developing Leadership in Energy and Environmental Design "Gold" certified services is a key strategic component of its US construction strategy, following client demand for more environmentally-friendly buildings.
"The US construction market continues to show signs of recovery. This appointment also demonstrates our ability to develop innovative, environmentally responsible projects. By bringing together our broad capabilities Balfour Beatty is now playing a significant role in developing Charlotte's skyline and the infrastructure which is so essential for the city's economic development," said Executive Chairman Steve Marshall.
The latest contract follows a series of awards to develop the city's economic and commercial infrastructure said Balfour. In May the FTSE 250-listed company was awarded a GBP78 million contract by the city of Charlotte, to build the track and systems components for the new Charlotte Area Transit System Lynx Blue Line Extension. In October last year the company was selected by the North Carolina Department of Transportation to construct the I-140 Wilmington Bypass highway project, in a deal worth GBP77 million.
Balfour Beatty confirmed late on Thursday that it is in preliminary talks for the creation of a construction services powerhouse through a GBP3 billion merger with Carillion PLC.
A combination of the two FTSE 250 British construction firms, which have flagship projects such as London's Olympics Aquatics Centre and the redevelopment of Liverpool's Anfield football stadium, would put them on track to enter into the FTSE 100 index as a joint entity.
Balfour made the announcement following media speculation on Thursday that the two groups were in talks.
The stock trades 11.78% higher Friday morning at 259.5 pence per share while Carillion trades 10.13% higher at 372.8 pence per share. The construction companies lead the FTSE 250 in early trading Friday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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