Located in the historic Powerhouse district, a one-block walk from
the Grove Street PATH train station, the project will consist of 417
luxury apartments and extensive lifestyle amenities.
HORSHAM, Pa. & LOS ANGELES--(BUSINESS WIRE)--Apr. 17, 2013--
Toll Brothers, Inc. (NYSE: TOL) (www.Tollbrothers.com),
the nation’s leading builder of luxury homes, through its Toll Brothers
Apartment Living® subsidiary, and AECOM Capital, the investment fund of
AECOM Technology Corporation (NYSE: ACM), a leading provider of
professional technical and management support services for public and
private clients in more than 140 countries, announced today the launch
of Provost Square, a 417-unit rental apartment tower located in Jersey
City, N.J. The project is expected to break ground this spring with
leasing projected to commence in early 2015.
The site at 160 Morgan Street is located in Jersey City’s historic
Powerhouse district, a one-block walk from the Grove Street PATH
station, 10 minutes by train from downtown Manhattan and 15 minutes from
midtown. The project, which will include in-building parking facilities
and approximately 16,000 square feet of ground floor retail space, is
within walking distance of Jersey City’s Restaurant Row, shops and other
conveniences.
Toll Brothers Apartment Living® will oversee the building’s marketing,
leasing and property management. Tishman Construction Corporation, a
wholly owned AECOM subsidiary, with Toll Brothers City Living®, will
oversee construction. The project is being financed through a $120
million construction facility from PNC Bank, National Association as
administrative agent, Wells Fargo Bank, National Association and
Comerica Bank.
Provost Square is the first of a three-building complex planned for a
total of 925 residential units. When complete, the complex will include
an approximately 24,000-square-foot, 550-seat performing arts center,
45,000 square feet of ground floor retail space, a 26,000-square-foot
pedestrian plaza and approximately 917 parking spaces. Toll Brothers
currently owns the two remaining sites, which are planned for
development as condominiums.
Douglas C. Yearley Jr., Toll Brothers’ chief executive officer, stated:
“We are very pleased to be working with AECOM to kick off the Provost
Square project. AECOM’s diversity of expertise and reputation for
excellence in the real estate industry make it an ideal
institutional-quality partner for a project of this scale.”
John T. Livingston, chief executive of AECOM Capital, cited the ability
of AECOM’s Tishman team to manage construction of the development as one
of the many ways that AECOM can connect to projects through its
comprehensive portfolio of services. “We are excited to play an
innovative role in the development of Provost Square through our AECOM
Capital investment fund, and we look forward to a long and successful
relationship with Toll Brothers,” said Livingston.
ABOUT TOLL BROTHERS
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The
Company began business in 1967 and became a public company in 1986. Its
common stock is listed on the New York Stock Exchange under the symbol
"TOL." The Company serves move-up, empty-nester, active-adult, and
second-home customers and operates in 19 states: Arizona, California,
Colorado, Connecticut, Delaware, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North
Carolina, Pennsylvania, Texas, Virginia, and Washington. Toll Brothers
builds an array of luxury residential communities, principally on land
it develops and improves: single-family detached and attached home
communities, master planned resort-style golf communities, and urban
low-, mid- and high-rise communities. Toll Brothers was awarded Builder
of the Year for 2012 and is the only two-time recipient. Toll
Brothers proudly supports the communities in which it builds; among
other philanthropic pursuits, the Company sponsors the Toll Brothers
Metropolitan Opera International Radio Network, bringing opera to
neighborhoods throughout the world. For more information, visit www.tollbrothers.com.
ABOUT AECOM
AECOM is a global provider of professional technical and management
support services to a broad range of markets, including transportation,
facilities, environmental, energy, water and government. With
approximately 45,000 employees around the world, AECOM is a leader in
all of the key markets that it serves. AECOM provides a blend of global
reach, local knowledge, innovation and technical excellence in
delivering solutions that create, enhance and sustain the world's built,
natural, and social environments. A Fortune 500 company, AECOM serves
clients in more than 140 countries and had revenue of $8.2 billion
during the 12 months ended Dec. 31, 2012. More information on AECOM and
its services can be found at www.aecom.com.
AECOM Capital is an investment fund currently focused on investments in
U.S. public-private partnership transportation and infrastructure
opportunities as well as private real estate projects. The fund, AECOM
Global Fund 1 LP, with offices in New York City and Los Angeles, is
expected to make direct investments in real estate and public-private
projects. John T. Livingston is the chief executive of AECOM Capital.
Tishman Construction Corporation, a wholly owned subsidiary of AECOM
founded in 1898, is a global provider of construction-related services,
headquartered in New York City, with offices throughout the United
States, the Middle East and Eastern Europe. Tishman is well known as the
construction manager of Towers 1, 3, 4 and 7 at the World Trade Center;
CityCenter in Las Vegas, the largest project ever built at one time in
the United States; Epcot Center in Orlando; the John Hancock Tower in
Chicago; and for building in excess of 450 million square feet of space
in its lifetime. Daniel R. Tishman, representing the fourth generation
of the family business, serves as the chairman and CEO of Tishman and
vice chairman of AECOM.
Forward-Looking Statements: All statements in this press release other
than statements of historical fact are "forward-looking statements" for
purposes of federal and state securities laws, including any statements
of plans for future operations, anticipated operating results,
anticipated financial performance, consumer demand and confidence and
market and industry trends. Actual results could differ materially from
those projected or assumed in any of the forward-looking statements.
Important factors that could cause actual results to differ materially
from the forward-looking statements include, among others: local,
regional, national and international economic conditions; fluctuating
consumer demand and confidence; interest and unemployment rates; changes
in sales and rental conditions; the impact of construction defect,
product liability and home warranty claims; the ability of the
participants in various joint ventures to honor their commitments; the
availability and cost of labor and building and construction materials;
the cost of raw materials; construction delays; and weather conditions.
A more detailed discussion of these factors is set forth in Toll
Brothers’ and AECOM’s most recent annual reports on Form 10-K, quarterly
reports on Form 10-Q and other reports filed with the U.S. Securities
and Exchange Commission. Toll Brothers and AECOM do not intend, and
undertake no obligation, to update any forward-looking statement.
NR 13-0404
Source: AECOM
For Toll Brothers
Frederick N. Cooper, IR/Financial Media,
215-938-8312
fcooper@tollbrothersinc.com
or
Kira
Sterling, General Media, 215-938-8220
ksterling@tollbrothersinc.com
or
For
AECOM
Paul Gennaro, Media, 212-973-3167
Paul.Gennaro@aecom.com
or
Lynn
Antipas Tyson, Investor Relations, 646-432-8428
Lynn.Tyson@aecom.com
