Lendlease Agrees to Sell East Coast Business as it Exits US Market

Lendlease has announced the sale of its East Coast construction operations to Consigli Building Group. This deal includes 45 projects at various stages of development in the New York and New Jersey metro area. While the financial terms remain undisclosed, this transaction is the initial step in Lendlease’s plan to exit the U.S. and UK markets over the next 18 months, refocusing on its operations in Australia.

Shift to Australian Market

Operating in the U.S. since 1979, Lendlease serves as both a construction manager and developer. The company is now shifting its attention back to its native Australia, intending to "recycle" $4.5 billion of capital through asset sales to boost its local operations. This strategic pivot aims to consolidate Lendlease’s resources and expertise within Australia.

Leadership and Future Success

Claire Johnston, CEO of Lendlease Americas, expressed confidence in the transition, emphasizing that under Consigli's leadership, both clients and employees would continue to thrive. The completion of the sale is anticipated in the first half of fiscal 2025.

Strategic Refocus

Lendlease Group CEO Tony Lombardo elaborated on the company’s new direction, highlighting the benefits of concentrating on core competencies in markets where they hold a competitive edge. This restructuring is expected to lower financial and operational risks, leading to higher and more sustainable earnings for the company.