Business Editors & Real Estate Writers

PHOENIX--(BUSINESS WIRE)--Jan. 8, 2002

Perini Building Co. today announced that they have been chosen by the CM Selection Committee (as designated in the Glendale/Coyotes Arena Development Agreement) as construction manager to build

Perini is responsible for guaranteeing construction costs.

Perini Building Co., a wholly owned subsidiary of Perini Corp. (AMEX:PCR) will provide preconstruction and construction management services. As of this date, a fast track construction schedule will commence in March/April of 2002 with plans to open the arena for the Coyotes 2003-04 season.

Perini Building Co. is headquartered in Phoenix. The firm was selected based on construction expertise in sports complexes. Perini was the general contractor on Bank One Ballpark and the America West Arena, Arizona. Other sports facilities built by the company include the San Jose Arena, California; Thomas and Mack Arena, Nevada; Nashville Arena, Tennessee; and, the Palace of Auburn Hills, Michigan.

Perini Building Co. is recognized by the Arizona Business Journal as the largest commercial building contractor in the state according to 2001 annual revenues.

Last November, the City of Glendale approved the final development agreements with The Ellman Companies and the NHL Coyotes to construct a state-of-the-art arena as part of a 223-acre, mixed-use project near Loop 101 and Glendale Avenue. The 17,500-seat arena is expected to open for the 2003-04 NHL season.

The entire project, which will be developed by The Ellman Companies, will consist of 6 million square feet of retail, entertainment, dining, office, hotel and residential development.