Lendlease, a global construction and development company, has announced its plans to sell its East Coast operations to Consigli Building Group. This includes 45 projects in various stages of development in the New York and New Jersey metro area. The sale is part of Lendlease’s strategy to focus on their native Australian market over the next 18 months.
Having operated in the U.S. since 1979, Lendlease will now redirect their construction and development efforts towards Australia by “recycling” $4.5 billion back into local operations through asset sales.
According to Claire Johnston, CEO of Lendlease Americas, this move will ensure future success for clients and employees under Consigli’s leadership. The sale is expected to be finalized within the first half of fiscal year 2025.
In addition, Tony Lombardo (CEO of Lendlease Group) states that this portfolio reshaping will result in lower financial risk and higher quality earnings for sustainable growth as they concentrate on core competencies where they have proven success.
Pictured: Topping out ceremony at Extell’s project located at 1520 First Ave., Manhattan by Lendlase’s New York construction group.
