Keep tabs of what’s going on in the industry. Here’s our weekly round up of news and announcements from members of the BuiltWorlds network. Want to be included? Send your press releases or story ideas to firstname.lastname@example.org.
Assemble Systems and Sage partner on 5D BIM and model-based estimating platform
Assemble Systems and Sage announced their new partnership on a 5D BIM platform emphasizing effective cost estimation. A rapid increase in use of 5D BIM (Building Information Modeling) calls for improved integration of cost estimating and other financial tools. Combining Assemble’s modeling suite with Sage’s estimating systems, the pair sees immense potential to increase efficiency during building development. Jon Witty, vice president and general manager of Sage Construction and Real Estate, says, “We are happy to be working with Assemble to offer estimators an easier, more efficient approach to 5D BIM.”
Source: Press release
Home Depot acquires tool rental firm Compact Power Equipment
As a means to improve their tool rental offerings, Home Depot acquired Compact Power Equipment for $265M. Compact Power Equipment provides equipment rental and maintenance services and has worked with Home Depot since 2009. Home Depot CEO Craig Menear says, “The acquisition allows us to further improve the customer experience — in particular for pros — through enhanced equipment and tool rental offerings. It also allows us to grow Compact Power’s best-in-class building services capabilities.”
Lendlease and Magellan Development Group move forward on three Chicago skyscrapers
Magellan Development Group and general contractor Lendlease continue to move forward with work on three Chicago high-rises. The pair is planning towers of 50 and 80 stories along the lake, south of the Chicago river, and a 40-story building to the west of the larger two. Combined, the three buildings would house 1,400 apartments and condos. Magellan also has plans for several other large developments in Chicago.
Cushman and Wakefield finds increase in office space net occupancy growth
Net occupancy growth of domestic office space increased in the second quarter, finds Cushman and Wakefield. After several low quarters, the net change in occupied space, increased to 12.8 million square feet in quarter two. This is higher than the 6.3 million square feet of growth in 2017’s first quarter and is the highest since the third quarter of 2016.
“Even eight years into the cycle, office-using job creation remains healthy and solid in most markets. Moreover, the leading indicators, such as job openings, suggest that business expansion will remain healthy, and by extension, so will demand for office space,” says Kevin Thorpe, Cushman and Wakefield’s Chief Economist.
Source: Press release
Suffolk spearheads Coney Island construction
Suffolk Construction has been selected to oversee construction of a new Coney Island development. The project will include a 42-story residential tower, a 50,000-square-foot community facility, various parking options and more than 100,000 square feet of retail space. Occupancy is slated to begin in late 2018.