L.A. firm buys Tishman Construction

A major Los Angeles building, engineering and design firm has purchased New York giant Tishman Construction Corp. for $245 million.

The deal, announced Wednesday, pairs Tishman with Aecom Technology Corp., one of the world’s largest construction firms. It is headquartered in downtown Los Angeles and has about 45,000 employees worldwide.

“This is a unique opportunity that combines two best-in-class industry leaders to form a fully integrated global platform capable of delivering the full suite of services: from project concept to completion,” said Aecom Chief Executive John M. Dionisio said in a statement.

The announcement came at a time when the nation’s construction industry is still reeling from the recession.

Aecom’s recent projects include the design of the new Los Angeles Police Department headquarters downtown and work on a master plan for London’s 2012 Summer Olympics construction. It also consulted on New York’s $17-billion 2nd Avenue subway project and managed development of the Saadiyat Island cultural district in Abu Dhabi in the United Arab Emirates.

Tishman was involved in building the original World Trade Center and MGM Mirage’s CityCenter in Las Vegas. The company is also managing the construction of the new One World Trade Center, which will replace the towers the fell in the Sept. 11 terrorist attacks. The 70-story One World Trade Center will rise 1,776 feet.

Tishman has about 900 employees in the U.S. and the United Arab Emirates and pulled in nearly $1 billion in revenue last year. Aecom has clients in more than 100 countries and had revenues of $6.3 billion over its last fiscal year, which ended March 31.

Shares of Aecom fell 17 cents a share to close at $24.17 on Wednesday. In after hours trading, stock in Aecom fell another 17 cents, to $24 per share.

nathan.olivarezgiles@latimes.com