Lendlease agrees first construction operations sale after announcing UK and US exit

Manhatten, New York City, US, Midtown skyline. (Image: Adobe Stock)

Consigli Construction Co will buy Lendlease’s business, which includes around 45 current, under contract, and pre-construction projects, subject to due diligence and finalisation of documents.

The majority of Lendlease’s US construction workforce will also transition to Consigli under the deal.

The news came after Australia-based Lendlease announced last week that it was exiting certain international markets to lower its risk profile. Those include the US and UK, where it plans to sell its operations over the next 18 months.

Lendlease said that key contract terms remain in confidence until the transaction completes, which is expected in the first half of its 2025 financial year.

Consigli Construction’s CEO Anthony Consigli said that the deal would help the company to expand its New York and New Jersey portfolio.

Lendlease’s New York office, established in 1979, has worked on several high-profile projects in New York City, including the National September 11 Memorial & Museum, Central Park Tower, Columbia University’s Manhattanville development in West Harlem. It has also completed 47 projects for the American Museum of Natural History since 1989.

Anthony Consigli said, “As we leverage our combined strengths, expertise, and capabilities, we’re poised to deliver heightened value to our clients with the greater ability to tackle more complex and ambitious projects. Consigli and Lendlease have a successful and longstanding relationship working as partners on many projects, and this acquisition is a natural fit.”

Claire Johnston, CEO, Lendlease Americas, said, “I am extremely proud of all that our team has accomplished over the last 45 years, and this transaction is a testament to our New York office’s significant track record of successfully delivering world-class projects. As we have built our relationship over the years, I have long admired Consigli’s leadership and commitment to quality, safety and customer service.

“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.”

Consigli can trace its roots back to 1905 when stonemason Peter Consigli founded Peter Consigli & Sons in Milford, Massachusetts. The company now has 13 regional offices, around 1,600 employees, and “upward of $2.5 billion” in annual volume.

Lendlease CEO Tony Lombardo said “Today’s announcement represents another step to simplify 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.

“The sale represents a great outcome for both our people, the majority of whom will move across to Consigli, and for our customers.”