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
University Buildings | Jun 9, 2023
Cornell’s new information science building will foster dynamic exchange of ideas and quiet, focused research
Construction recently began on Cornell University’s new 135,000-sf building for the Cornell Ann S. Bowers College of Computing and Information Science (Cornell Bowers CIS). The structure will bring together the departments of Computer Science, Information Science, and Statistics and Data Science for the first time in one complex.
Museums | Jun 6, 2023
New wing of Natural History Museums of Los Angeles to be a destination and portal
NHM Commons, a new wing and community hub under construction at The Natural History Museums (NHM) of Los Angeles County, was designed to be both a destination and a portal into the building and to the surrounding grounds.
Codes and Standards | Jun 6, 2023
California’s new power grid modernization plan furthers ambitious climate goals
California’s new $7.3 billion grid modernization plan is a crucial step in furthering its ambitious climate goals. The board of governors for the California Independent System Operator (CAISO), the state’s grid operator, recently approved a strategy to build thousands of miles of new high-voltage transmission lines.
Mixed-Use | Jun 6, 2023
Public-private partnerships crucial to central business district revitalization
Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities.
Contractors | Jun 6, 2023
Gilbane Building Company promotes COO to its chief executive post
Adam Jelen has been with the firm 18 of his 30 years in the construction industry.
Multifamily Housing | Jun 6, 2023
Minnesota expected to adopt building code that would cut energy use by 80%
Minnesota Gov. Tim Walz is expected to soon sign a bill that would change the state’s commercial building code so that new structures would use 80% less energy when compared to a 2004 baseline standard. The legislation aims for full implementation of the new code by 2036.
Healthcare Facilities | Jun 5, 2023
Modernizing mental health care in emergency departments: Improving patient outcomes
In today’s mental health crisis, there is a widespread shortage of beds to handle certain populations. Patients may languish in the ED for hours or days before they can be linked to an appropriate inpatient program.
Student Housing | Jun 5, 2023
The power of student engagement: How on-campus student housing can increase enrollment
Studies have confirmed that students are more likely to graduate when they live on campus, particularly when the on-campus experience encourages student learning and engagement, writes Design Collaborative's Nathan Woods, AIA.
Engineers | Jun 5, 2023
How to properly assess structural wind damage
Properly assessing wind damage can identify vulnerabilities in a building's design or construction, which could lead to future damage or loss, writes Matt Wagner, SE, Principal and Managing Director with Walter P Moore.
Cladding and Facade Systems | Jun 5, 2023
27 important questions about façade leakage
Walter P Moore’s Darek Brandt discusses the key questions building owners and property managers should be asking to determine the health of their building's façade.