Consigli acquires Lendlease East Coast operations

Dive Brief:

  • Australian-based contractor Lendlease has agreed to sell its U.S. East Coast construction operations to Milford, Massachusetts-based contractor Consigli Construction, according to a news release.
  • The sale includes about 45 current, under contract and pre-construction projects, along with the majority of Lendlease’s U.S. construction workforce transitioning to Consigli. 
  • The transaction aligns with Lendlease’s strategy to divest its construction business in the U.S. and U.K. within the next 18 months, as it aims to lower its overall risk profile.

Dive Insight:

The sale of Lendlease’s East Coast construction operations to Consigli marks a significant realignment for both companies in the construction industry.

For Lendlease, the sale forms part of a broader strategy to streamline its global operations and reduce risk. The transaction allows Lendlease to focus more closely on its core markets, particularly in Australia, as it has struggled, particularly on the international front, in the aftermath of the pandemic.

“This transaction is a testament to our New York office’s significant track record of successfully delivering world-class projects,” said Claire Johnston, CEO of Lendlease Americas. “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.”

Established in 1979, Lendlease’s New York office grew into a major player for construction services in the region. The Australian-based builder’s portfolio in the area includes many New York City landmarks, such as the National September 11 Memorial & Museum, the American Museum of Natural History, Central Park Tower, Columbia University and the Jacob K. Javits Convention Center expansion. 

For Consigli, the acquisition represents a strategic expansion in the highly competitive New York and New Jersey markets. Consigli, already a well-established player in the U.S. construction sector, stands to gain significantly from this deal.

“Expanding our New York and New Jersey portfolio with the addition of Lendlease, a highly complementary business to ours, signifies our dedication to growth and excellence in this core market,” said Consigli CEO Anthony Consigli. “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.”

The acquisition strengthens Consigli’s presence in specialized sectors such as healthcare, life sciences and mixed-use developments, said Laura Bush, Consigli regional director for the New York City metro.

The transaction is subject to due diligence and finalization of documents, according to the release.

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