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Mergers, acquisitions and investments

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FNB Tower; image courtesy of Foundry Commercial

Premier Merges With Oracle to Create Service Giant

Premier Elevator, an Atlanta-based company that bills itself as a leading independent alternative to the large OEMs, has agreed to merge with Oracle Elevator to create the largest independent elevator service company in North America, Business Observer reported in November 2020. Oracle, based in Tampa, is the largest independent provider of maintenance, repair and modernization services in the U.S. It has branch offices in 46 markets across 21 states, including most of the Southeast and into the Midwest. Premier operates in Georgia, Florida, North Carolina, South Carolina and Tennessee. As part of the merger, Oracle will move its Technical Training Center to Atlanta to take advantage of resources Premier has in place. According to a news release, Premier locations in Atlanta and Nashville will continue to use the Premier name, while its Florida offices will go by “Premier — Oracle.” All other Premier offices will convert to the Oracle name.

Premier partners Wallace Bertschin, Hugh Bertschin and Robert Barber have joined Oracle’s senior management but will retain ownership stakes in the combined company. Financial details of the deal were not released.

ATIS Acquires Two Colorado Companies

St. Louis-based American Testing and Inspection Services (ATIS) has acquired A Smart Elevator Solution, LLC, and 1 Able Elevator, LLC, of Littleton and Wheatridge, Colorado, respectively, ATIS announced in November 2020. The companies, ATIS observed, “offer significant expertise in elevator inspections, consulting and conveyance management.” They have served as ATIS subcontractors throughout Colorado and the Western U.S. Employees, as well as A Smart Elevator Solution owner Russell Holt and 1 Able Elevator Inspector owner Bernie Dougherty, were to remain with ATIS.

Arcline Invests in Pride & Service Elevator

Arcline Investment Management, a private-equity firm with US$1.5 billion in committed capital, has invested in Pride & Service Elevator, which serves the New York tri-state area from locations in Manhattan and Cranford, New Jersey, Arcline announced in November 2020. Founded in 1983 and acquired by the Todd family in 2010, Pride & Service is an independent provider of elevator maintenance, repair and modernization. Pride & Service President Christopher Todd said Arcline’s investment “provides us with the ability to further develop our service capabilities. . . .” Michael Hoover, president of American Elevator & Machine Corp. — a recent Arcline acquisition — said he is looking forward to working alongside Pride & Service as part of Arcline’s “expanding collective of service businesses.”

Charlotte Continues Evolution With Tower Topping Out

Brisk construction continues in Charlotte, North Carolina, with the 29-story FNB Tower at 401 South Graham Street topping out ahead of anticipated completion in 2021, the Council on Tall Buildings and Urban Habitat reported in October, citing The Charlotte Observer. Pittsburgh-based FNB Corp., parent company of First National Bank, will anchor the tower, which also includes nearly 200 apartments. The developer is Dominion Realty Partners. FNB Tower will join multiple high rises rising around Truist Field ballpark and Bank of America stadium, including Honeywell’s new 23-story headquarters and Duke Energy’s 40-story tower on South Tryon Street (ELEVATOR WORLD, May 2019). In addition to office space and apartments, FNB Tower will have a parking deck and retail.

A Look at Evolving Philadelphia Skyline

Philadelphia YIMBY recently examined the evolution of the city skyline, starting with the 196-ft-tall white spire of the Church of Christ completed in 1744 and progressing to the skyscraper boom of the 1980s and beyond. For years, the source observed, no one built a structure taller than the nine-story, 548-ft-tall Philadelphia City Hall, completed in 1901. Then, in 1987, the 960-ft-tall One Liberty Place was completed. Despite high crime and economic uncertainty, four additional towers up to 792 ft tall followed. Completion of the 975-ft-tall Comcast Center in 2008 ushered in a new era of tall buildings that included the city’s first supertall, a 1,121-ft-tall tower into which Comcast moved. Numerous other tall towers — the 599-ft-tall The Laurel (ELEVATOR WORLD, October 2019), a 582-ft-tall hotel and a 512-ft-tall officer tower, to name a few — promise to further transform the skyline.

Hudson Square Loft-Style Condo Tower Nearly Complete

The 30-story, 170-condominium tower Greenwich West at 110 Charlton Street in Hudson Square (ELEVATOR WORLD, September 2018) was nearing completion in late October 2020, New York YIMBY reported. Developed by Strategic Capital, Cape Advisors and Forum Absolute Capital Partners and designed by Loci Anima with Adamson Associates, the structure features gently rounded corners, subtly indented bricks between the windows and symmetrical mullions. Sebastian Segers designed the loft-inspired interiors of the homes, which start at US$1.1 million and include several penthouses with landscaped terraces overlooking the Hudson River and Manhattan skyline. Amenities include a 24-hr attended lobby, a fitness center, a communal rooftop terrace and an automated parking garage with direct access to residential elevators.

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