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
Retail Centers | Jun 2, 2023
David Adjaye-designed mass timber structure will be a business incubator for D.C.-area entrepreneurs
Construction was recently completed on The Retail Village at Sycamore & Oak, a 22,000-sf building that will serve as a business incubator for entrepreneurs, including emerging black businesses, in Washington, D.C. The facility, designed by Sir David Adjaye, the architect of the National Museum of African American History and Culture, is expected to attract retail and food concepts that originated in the community.
Mixed-Use | Jun 1, 2023
The Moore Building, a 16-story office and retail development, opens in Nashville’s Music Row district
Named after Elvis Presley’s onetime guitarist, The Moore Building, a 16-story office building with ground-floor retail space, has opened in Nashville’s Music Row district. Developed by Portman and Creed Investment Company and designed by Gresham Smith, The Moore Building offers 236,000 sf of office space and 8,500 sf of ground-floor retail.
Healthcare Facilities | Jun 1, 2023
High-rise cancer center delivers new model for oncology care
Atlanta’s 17-story Winship Cancer Institute at Emory Midtown features two-story communities that organize cancer care into one-stop destinations. Designed by Skidmore, Owings & Merrill (SOM) and May Architecture, the facility includes comprehensive oncology facilities—including inpatient beds, surgical capacity, infusion treatment, outpatient clinics, diagnostic imaging, linear accelerators, and areas for wellness, rehabilitation, and clinical research.
K-12 Schools | May 30, 2023
K-12 school sector trends for 2023
Budgeting and political pressures aside, the K-12 school building sector continues to evolve. Security remains a primary objective, as does offering students more varied career options.
Multifamily Housing | May 30, 2023
Boston’s new stretch code requires new multifamily structures to meet Passive House building requirements
Phius certifications are expected to become more common as states and cities boost green building standards. The City of Boston recently adopted Massachusetts’s so-called opt-in building code, a set of sustainability standards that goes beyond the standard state code.
Contractors | May 26, 2023
Enhanced use of data is crucial for improving construction job site safety
Executives with major construction companies say new digital tools are allowing them to use data more effectively to reduce serious safety incidents and improve job site safety.
Contractors | May 24, 2023
The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023
Contractor backlogs climbed slightly in April, from a seven-month low the previous month, according to Associated Builders and Contractors.
Mass Timber | May 23, 2023
Luxury farm resort uses CLT framing and geothermal system to boost sustainability
Construction was recently completed on a 325-acre luxury farm resort in Franklin, Tenn., that is dedicated to agricultural innovation and sustainable, productive land use. With sustainability a key goal, The Inn and Spa at Southall was built with cross-laminated and heavy timber, and a geothermal variant refrigerant flow (VRF) heating and cooling system.
Architects | May 23, 2023
DEI initiatives at KAI Enterprises, with Michael Kennedy, Jr. and Gyasi Haynes
Michael Kennedy, Jr. and Gyasi Haynes of KAI Enterprises, St. Louis, describe their firm's effort to create a culture of diversity, equity, and inclusion—and how their own experiences as black men in the design and construction industry shaped that initiative.
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
