Days after Lendlease announced it would start selling its overseas projects and assets, the developer has landed a buyer for its US East Coast operations.
Consigli Building Group will acquire the New York and New Jersey construction operations for the beleagured Australian firm.
The deal includes about 45 current, under contract or pre-construction projects. Its believed much of Lendlease’s construction workforce will transition to Consigli.
Lendlease’s New York office was established in 1979 and worked on such projects as the September 11 Memorial & Museum, Central Park Tower, Columbia University, Jacob K Javits Convention Center Expansion and the American Museum of Natural History.
Lendlease Americas chief executive Claire Johnston said the team had achieved much in 45 years.
Consigli Construction chief executive Anthony Consigli said the deal would expand their portfolio with highly complimentary projects to their existing ones.
“Consigli and Lendlease have a successful and long-standing relationship working as partners on many projects, and this acquisition is a natural fit,” Consigli said.
The sale was consistent with the Lendlease’s objective to divest its construction businesses in the US and UK during the next 18 months, lowering the group’s overall risk profile.
Lendlease chief executive Tony Lombardo said the announcement represented another step to simplifying Lendlease to create a more focussed company for securityholders.
“It’s the culmination of more than 12 months’ work refining our US construction activities to focus on the US East Coast where we have a clear competitive advantage,” Lombardo said.
Key contract terms remain commercial in confidence until transaction completion, which is expected in the first half of the 2025 financial year.
