Scitech acquires construction group

Real Estate Weekly, May 2, 2001

SciTech Construction announced to-day that the firm has acquired the tenant improvement construction unit of MetroNexus, a leading developer of state-of-the-art telecom carrier hotels. SciTech Construction, a company of the York Hunter Group of Companies, was recently created to serve the science and technology industries. This acquisition is part of an effort to jumpstart a new division focused on construction projects for the data and telecommunications industries.

Under the terms of the agreement with MetroNexus, SciTech will employ the former MetroNexus construction staff and take responsibility for the completion of its current tenant construction projects. Assignments include telecom facilities scattered across the Northeast, for prominent telecom clients including Qwest Communications, Swisscom North America, Startec Global Communications and MCI Worldcom. SciTech will complete more than $13.7 million worth of build-outs at Manhattan's most prominent telco hotel, 111 Eighth Avenue. In addition, SciTech has several other projects in Manhattan, as well as Newark, Miami and Upstate New York.

Through this agreement MetroNexus will be able to focus resources on the development and management of carrier hotel facilities in Tier. One markets around the world. Currently, MetroNexus directs local development partners to execute the carrier hotel rollout with the centralized MetroNexus team providing tenants with a consistent interface and standardized product and process. MetroNexus will continue to maintain an in-house telecommunication and technical team of experts to oversee the highest level of facility services and standard practices.

On-Site Financial Corp. is assisting SciTech with transition issues.