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Lendlease to Exit U.S. and UK Markets, Sell East Coast Business to Consigli
Lendlease said Wednesday it had agreed to sell its East Coast construction operations to Consigli Building Group, including 45 projects in varying stages of development in the New York and New Jersey metro area. Terms were not disclosed. The sale represents the first wave of Lendlease’s strategy to exit the U.S. and UK markets over the next 18 months to focus on its native Australia.
Functioning as both a construction manager and developer, Lendlease has operated in the U.S. since 1979. As part of its strategy to concentrate on the Australian market, the company plans to “recycle” $4.5 billion of capital back to its local operations, largely through asset sales.
“As Lendlease’s global strategy is redirecting its construction and development focus more closely to Australia, I am confident that our teams, under the trusted Consigli leadership, will ensure the future success for our clients and our people,” said Claire Johnston, CEO, Lendlease Americas. The sale is expected to be finalized in the first half of fiscal 2025.
Speaking more broadly about the company’s new direction, Lendlease Group CEO Tony Lombardo said, “By reshaping the portfolio, concentrating on our core competencies in markets where we have
proven we have the right to play, and the competitive advantage to win, the financial and
operational risk profile will be lower, and we believe the quality of our earnings ultimately higher
and more sustainable.”
Pictured: 1520 First Ave. in Manhattan, which Lendlease’s New York construction group recently topped out for Extell.
- ◦Development
