Wednesday, January 1, 2014

Plaza Construction bought by Chinese firm

The Chinese firm China Construction America Inc. (CCA) has acquired controlling stock of Plaza Construction, a major force in the construction, management and real estate industry in South Florida and the mid-Atlantic region.

Plaza Construction, which is based in New York, is widely regarded as one of the nation's leading construction management and general contracting firms. It was incorporated nearly three decades ago and has been serving businesses in Miami, Washington, D.C., New York and Los Angeles. It is well known for its advocacy of the construction strategy called building information modeling (BMI), which is the process of developing and managing data throughout the construction of a project.

How the acquisition affects the real estate industry

CCA, a subsidiary of the state-owned China State Construction Engineering Corporation based in Beijing, will be overseeing the financial and business-related aspects of Plaza Construction. New York-based Fisher Brothers, a real estate investment firm, said that the construction and management company was sold so that more focus could be put on developing the real estate it already has. According to Brad Meltzer, Plaza's president of southeast regional operations in Miami, the sale is beneficial for everybody, down to entry-level employees. 

"The acquisition will afford Plaza greater financial strength and bonding capacity and enhance procurement capabilities and it will allow greater opportunity for our employees to grow in their profession,'' Meltzer told the Miami Herald.

Future of real estate in South Florida

Some of Plaza Construction's biggest contracts are underway in Miami. It is involved in several Related Group Co. projects, including the 42-story waterfront condominium Icon Bay, luxury condos in South Beach and the Millecento Condos in the Brickell area. Plaza's expertise in construction management will boost CCA's current projects, which include the rehabilitation of the Alexander Hamilton Bridge in New York, and the Baha Mar Casino and Resort in the Bahamas.

As more real estate begins to develop in the South Florida area a result of this buyout, the possibility of businesses growing becomes greater. Companies will need to furnish their new spaces with custom office workstations and ergonomic chairs. Conference tables and cubicles will be needed to fill out meeting rooms and call centers. In order to save money while growing their company, owners can search for secondhand business furniture and office chairs to meet all their business needs. 

Want to create a comfortable, collaborative work environment? Visit the Office Furniture Warehouse website to complete your office landscape.

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