Skanska Secures $125 Million Penn Station Pre-Development Contract
A joint venture between Skanska and Halmar has landed a $125 million early contractor involvement agreement for the massive Penn Station Transformation Project in New York. As part of the Penn Transformation Partners consortium, the team will spearhead design and planning efforts under a new agreement with Amtrak.
Skanska confirmed its share of the contract is valued at approximately $70 million, or 630 million SEK, which will be logged in the company's second-quarter order bookings for 2026. The Pre-Development Agreement serves as a critical bridge toward a broader Public-Private Partnership, with the ultimate goal of implementing a full design, build, finance, operate, and maintain delivery model for the transit hub.
Work is scheduled to begin this June and run through the end of 2027. The project aims to modernize the station by replacing cramped passageways with expansive, light-filled concourses and a new Eighth Avenue entrance. While Madison Square Garden will remain in its current location, the redevelopment plan includes exterior aesthetic enhancements and the removal of the Infosys Theater to improve overall passenger flow and safety.
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