PHILADELPHIA and NEW YORK, Oct. 6, 2015 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract from Region 2 of the U.S. General Services Administration (GSA) to provide construction management services for the first phase of the renovation of the Jacob K. Javits Federal Building in New York City. The three-and-a-half year contract has an estimated value to Hill of approximately $3.0 million.
The Javits Building, located at 26 Federal Plaza in downtown Manhattan, is comprised of two 45-story office buildings built in 1967 and 1977. In the spring of 2016, the GSA plans to move operations from the Javits Building to the new One World Trade Center vacating most of its space within the building. As a result of this vacancy, GSA will be able to complete critical renovations including asbestos removal, mechanical and electrical system upgrades and fire/life safety improvements. When renovations are complete, GSA plans to consolidate multiple agency operations into the newly renovated Javits Building. The renovation project has an estimated construction cost of approximately $73 million to $95 million.
"We are honored that GSA has once again turned to Hill to help manage an important, time-sensitive federal building project," said John Milano, P.E., Senior Vice President and Northeast Regional Manager for Hill's Project Management Group. "We are confident that our team will deliver on all project requirements," added Milano.
Hill International, with 4,900 professionals in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the seventh largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
Hill International, Inc.
John P. Paolin
Senior Vice President of Marketing and
Corporate Communications
(215) 309-7710
johnpaolin@hillintl.com
The Equity Group Inc.
Devin Sullivan
Senior Vice President
(212) 836-9608
dsullivan@equityny.com
(HIL-G)