NEW YORK CITY—The American subsidiary of China’s largest construction firm has acquired one of the largest builders in the US. Plaza Construction, originally founded to provide construction management and general contracting on Fisher Brothers projects, has sold to China Construction America, a subsidiary of China State Construction Engineering Corp. The price was not disclosed.
Plaza will continue to operate autonomously under the Plaza Consruction name, the company said Monday. “Our firm has always maintained a very ‘hands-on’ approach to working with our clients and managing world class construction projects for nearly 30 years,” says CEO Richard Wood. With the sale to China Construction, he adds, “Plaza is poised for accelerated growth with enhanced resources and bonding and procurement capabilities.”
China Construction first announced that the deal was under contract this past December, subject to regulatory approval. The Jersey City-based China Construction has focused mainly on infrastructure projects stateside; the Plaza acquisition gives it entrée into private-sector building.
Last December, China Construction said the pending acquisition would mark “a significant step forward in CSCEC’s international expansion. It is conducive to increasing the group’s market share in developed countries as well as sharpening its competitiveness by becoming more specialized and globalized.”
Since its founding in 1986, Plaza has branched out from the Fisher Brothers portfolio into corporate headquarters, healthcare centers, universities, transportation facilities, museums, retail spaces and residential buildings. Locally, its projects have included the Random House tower at 1745 Broadway and SJP Properties‘ Eleven Times Square. Headquartered in New York City, Plaza has regional offices in Miami, Washington, DC and Los Angeles.
Law firm Paul Hastings LLP advised Steven Fisher and other members of the Fsher family in the sale. Leading the Paul Hastings team were real estate counsel Marty Edelman; real estate partner Robert Wertheimer; corporate partners Tom Kruger and Luke Iovine; litigation partner Charles Patrizia; employment partners Mark Poerio and Marc Bernstein; real estate associate Nathalia Bernardo; and corporate associates Hannah Kang, Ellen Waltz Holmes, Mark Nylen, and Jennifer Tytel. The team also included real estate attorney Mary McKenna.