Toll Brothers and AECOM Announce Development of Luxury Rental Tower in Jersey City, N.J.

  Toll Brothers and AECOM Announce Development of Luxury Rental Tower in
  Jersey City, N.J.

Located in the historic Powerhouse district, a one-block walk from the Grove
Street PATH train station, the project will consist of 417 luxury apartments
and extensive lifestyle amenities.

Business Wire

HORSHAM, Pa. & LOS ANGELES -- April 17, 2013

Toll Brothers, Inc. (NYSE: TOL) (, the nation’s leading
builder of luxury homes, through its Toll Brothers Apartment Living®
subsidiary, and AECOM Capital, the investment fund of AECOM Technology
Corporation (NYSE: ACM), a leading provider of professional technical and
management support services for public and private clients in more than 140
countries, announced today the launch of Provost Square, a 417-unit rental
apartment tower located in Jersey City, N.J. The project is expected to break
ground this spring with leasing projected to commence in early 2015.

The site at 160 Morgan Street is located in Jersey City’s historic Powerhouse
district, a one-block walk from the Grove Street PATH station, 10 minutes by
train from downtown Manhattan and 15 minutes from midtown. The project, which
will include in-building parking facilities and approximately 16,000 square
feet of ground floor retail space, is within walking distance of Jersey City’s
Restaurant Row, shops and other conveniences.

Toll Brothers Apartment Living® will oversee the building’s marketing, leasing
and property management. Tishman Construction Corporation, a wholly owned
AECOM subsidiary, with Toll Brothers City Living®, will oversee construction.
The project is being financed through a $120 million construction facility
from PNC Bank, National Association as administrative agent, Wells Fargo Bank,
National Association and Comerica Bank.

Provost Square is the first of a three-building complex planned for a total of
925 residential units. When complete, the complex will include an
approximately 24,000-square-foot, 550-seat performing arts center, 45,000
square feet of ground floor retail space, a 26,000-square-foot pedestrian
plaza and approximately 917 parking spaces. Toll Brothers currently owns the
two remaining sites, which are planned for development as condominiums.

Douglas C. Yearley Jr., Toll Brothers’ chief executive officer, stated: “We
are very pleased to be working with AECOM to kick off the Provost Square
project. AECOM’s diversity of expertise and reputation for excellence in the
real estate industry make it an ideal institutional-quality partner for a
project of this scale.”

John T. Livingston, chief executive of AECOM Capital, cited the ability of
AECOM’s Tishman team to manage construction of the development as one of the
many ways that AECOM can connect to projects through its comprehensive
portfolio of services. “We are excited to play an innovative role in the
development of Provost Square through our AECOM Capital investment fund, and
we look forward to a long and successful relationship with Toll Brothers,”
said Livingston.


Toll Brothers, Inc. is the nation's leading builder of luxury homes. The
Company began business in 1967 and became a public company in 1986.Its common
stock is listed on the New York Stock Exchange under the symbol "TOL."The
Company serves move-up, empty-nester, active-adult, and second-home customers
and operates in 19 states: Arizona, California, Colorado, Connecticut,
Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia,
and Washington. Toll Brothers builds an array of luxury residential
communities, principally on land it develops and improves: single-family
detached and attached home communities, master planned resort-style golf
communities, and urban low-, mid- and high-rise communities. Toll Brothers was
awarded Builder of the Year for 2012 and is the only two-time recipient.Toll
Brothers proudly supports the communities in which it builds; among other
philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan
Opera International Radio Network, bringing opera to neighborhoods throughout
the world. For more information, visit


AECOMis a global provider of professional technical and management support
services to a broad range of markets, including transportation, facilities,
environmental, energy, water and government. With approximately 45,000
employees around the world,AECOMis a leader in all of the key markets that
it serves. AECOMprovides a blend of global reach, local knowledge, innovation
and technical excellence in delivering solutions that create, enhance and
sustain the world's built, natural, and social environments. AFortune
500company,AECOMserves clients in more than 140 countries and had revenue
of$8.2billion during the 12 months ended Dec.31, 2012. More information
onAECOMand its services can be found at

AECOM Capital is an investment fund currently focused on investments in U.S.
public-private partnership transportation and infrastructure opportunities as
well as private real estate projects. The fund, AECOM Global Fund 1 LP, with
offices in New York City and Los Angeles, is expected to make direct
investments in real estate and public-private projects. John T. Livingston is
the chief executive of AECOM Capital.

Tishman Construction Corporation, a wholly owned subsidiary of AECOM founded
in 1898, is a global provider of construction-related services, headquartered
in New York City, with offices throughout the United States, the Middle East
and Eastern Europe. Tishman is well known as the construction manager of
Towers 1, 3, 4 and 7 at the World Trade Center; CityCenter in Las Vegas, the
largest project ever built at one time in the United States; Epcot Center in
Orlando; the John Hancock Tower in Chicago; and for building in excess of 450
million square feet of space in its lifetime. Daniel R. Tishman, representing
the fourth generation of the family business, serves as the chairman and CEO
of Tishman and vice chairman of AECOM.

Forward-Looking Statements: All statements in this press release other than
statements of historical fact are "forward-looking statements" for purposes of
federal and state securities laws, including any statements of plans for
future operations, anticipated operating results, anticipated financial
performance, consumer demand and confidence and market and industry trends.
Actual results could differ materially from those projected or assumed in any
of the forward-looking statements. Important factors that could cause actual
results to differ materially from the forward-looking statements include,
among others: local, regional, national and international economic conditions;
fluctuating consumer demand and confidence; interest and unemployment rates;
changes in sales and rental conditions; the impact of construction defect,
product liability and home warranty claims; the ability of the participants in
various joint ventures to honor their commitments; the availability and cost
of labor and building and construction materials; the cost of raw materials;
construction delays; and weather conditions. A more detailed discussion of
these factors is set forth in Toll Brothers’ and AECOM’s most recent annual
reports on Form 10-K, quarterly reports on Form 10-Q and other reports filed
with the U.S. Securities and Exchange Commission. Toll Brothers and AECOM do
not intend, and undertake no obligation, to update any forward-looking

NR 13-0404


For Toll Brothers
Frederick N. Cooper, IR/Financial Media, 215-938-8312
Kira Sterling, General Media, 215-938-8220
Paul Gennaro, Media, 212-973-3167
Lynn Antipas Tyson, Investor Relations, 646-432-8428
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