Lendlease Project Management
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Lendlease is an Australian multinational construction and real estate company, headquartered in
Barangaroo, Sydney, New South Wales Barangaroo is an area of central Sydney, Australia. It is at the north-western edge of the Sydney central business district and the southern end of the Sydney Harbour Bridge. It is part of the local government area of the City of Sydney. The are ...
.


History


Founding

The company was established as Lendlease by Dick Dusseldorp in 1958 to provide finance for building contracts being undertaken by
Civil & Civic Civil & Civic was an Australian construction company. Founded in 1951, it was acquired in 1961 by Lend Lease Corporation. History Civil & Civic was founded by Dick Dusseldorp in 1951 on behalf of Dutch building companies Bredero's Bouwbedrijf ...
. In 1961, the company acquired Civil & Civic from Bredero's Bouwbedrijf. Lendlease first listed on the ASX in 1962. Operations expanded to the United States in 1971 and to Singapore in 1973. In 1982, Lendlease acquired 50% of MLC and in 1985 acquired the balance of the company. MLC's multi-manager, multi-style investment philosophy was introduced in 1986. It was later sold to
National Australia Bank National Australia Bank Limited (abbreviated NAB, branded and stylised as nab) is one of the four largest Banking in Australia, financial institutions in Australia (colloquially referred to as "Big Four (banking), The Big Four") in terms of mar ...
in the year 2000 for $4.56 billion, one of the biggest mergers in Australian corporate history.


Expansion and major acquisition

In 1999, the company formed Actus Lendlease with the acquisition of Actus Corporation's MILCON and technical service construction management business, and augmented this business with professionals from Lendlease Design and Lendlease Development. Around this time, the company also acquired the British-based builder
Bovis Construction Bovis is a construction business in the United Kingdom. Founded in 1885, it was subsidiary of P&O from 1974, was acquired by Lendlease in 1999 and renamed Bovis Lend Lease. The brand was retired in 2011 in favour of Lendlease Project Manageme ...
from P&O. During 2000, it bought Amresco's commercial mortgage business. One year later, Lendlease acquired Delfin (now Lendlease Communities) for $172 million. It went on to buy
Crosby Homes Crosby Homes was a major British residential housebuilding business. It was acquired by the Australian developer Lendlease in 2005 and the Crosby name was discontinued during the early 2010s. History Crosby Homes was established in the mid-1920s ...
(now Lendlease Residential Development) for circa £240 million in 2005.


Barangaroo, Valemus Acquisition, One Lendlease Era

In 2009, Steve McCann was appointed CEO. In the same year Lendlease Corporation acquired Babcock and Brown Communities, rebranding the business as Lendlease Primelife. At the time, this acquisition made Lendlease Australia's largest provider of retirement villages. In December 2009, Lendlease was selected by the
New South Wales New South Wales (commonly abbreviated as NSW) is a States and territories of Australia, state on the Eastern states of Australia, east coast of :Australia. It borders Queensland to the north, Victoria (state), Victoria to the south, and South ...
Government to develop
Barangaroo Barangaroo ( – ) was an Aboriginal Australian woman best known for her interactions with the British colony of New South Wales during the first years of the European colonisation of Australia. A member of the Cammeraygal clan, she was the wi ...
. In 2010, Lendlease announced their first foray into the consumer market with Lendlease Solar. This subsidiary was wound up in early 2011, with no explanation as to why the division had closed. On 17 February 2011 Lendlease announced wider ranging changes to its group of brands. This announcement meant the retirement of the Bovis, Delfin, Vivas, Catalyst and
Primelife Allity is an accredited Residential Aged Care Provider founded in March 2013 with 45 locations in Queensland, New South Wales, Victoria and South Australia. The homes offer all levels of permanent and respite care allowing for aging in place ...
brands which were superseded by the unified Lendlease brand. In late February 2011, Lendlease acquired DASCO in order to position itself to take advantage of the impending Obama administration Health sector boom. The company was immediately rebranded as Lendlease DASCO, and started operating independently of the Lendlease Americas business. In March 2011, Lendlease completed the acquisition of Valemus (previously known as Bilfinger Berger Australia) from
Bilfinger Bilfinger SE (previously named Bilfinger Berger AG) is a German multinational company specialized in civil and industrial construction, engineering and services based in Mannheim, Germany. History Bilfinger dates back to 1880 when August Be ...
. In March 2013, the business divested its aged care homes (from the acquisition of Babcock and Brown Communities) to
Allity Allity is an accredited Residential Aged Care Provider founded in March 2013 with 45 locations in Queensland, New South Wales, Victoria and South Australia. The homes offer all levels of permanent and respite care allowing for aging in place ...
, a business owned by Australian Aged Care Partners. In 2015, the company rebranded to use "Lendlease" as a single word. In December 2016, Lendlease formed a joint venture agreement with Energy Made Clean. Energy Made Clean is a wholly owned subsidiary of renewable energy technology developer, Carnegie Clean Energy (ASX: CCE). With EMC and Carnegie's joint offerings, it is the only company in the world to offer a combination of wave, solar, wind, storage and desalination via microgrids. Microgrids are a budding industry and this partnership aims to provide end-to-end technologies that deliver energy independence and a reliable alternative to traditional forms of energy in regional, remote and fringe-of-grid locations in Australia, United States and around the world. This asset was later sold in 2020. In February 2021, Lendlease announced that Tony Lombardo, previously CEO of Lendlease Asia, would takeover from Steve McCann as Group CEO. This took place in June 2021. The global
COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...
led to enforced site closures during the early 2020s, impairing revenues. In February 2022, Lendlease reported a first half loss of $264 million, which it attributed to one-off restructuring costs, COVID-19 issues and asset sales. The company cut about 360 jobs and garnered savings of $160 million. An improved second half to the financial year saw the company post a bottom-line loss of $99 million for the full year, after $333 million in writedowns on existing operations, a 61% drop in development EBITDA to $18 million and a 24% slump in construction earnings to $131 million.


Australia focus

In May 2024, Lendlease announced plans to sell its overseas operations and to be focused on its domestic operations in Australia by late 2025. It described its overseas markets as a "drag" on shareholder returns; its new strategy will focus on simplifying the firm's structure, reducing costs and leveraging its competitive strengths. On 1 January 2025, Lendlease announced the sale of its UK construction business to US private equity business
Atlas Holdings Atlas Holdings is an American private equity business focussed on controlling investments in manufacturing and distribution industries. It was founded in 2002 in Greenwich, Connecticut by Andrew Bursky and Tim Fazio. Its investments include Bovis ...
for £35 million, with completion targeted before the end of June 2025. The deal was completed in March 2025 when the business was renamed Bovis, resurrecting a brand retired in 2011.


Regions

Lendlease operates across four regional subdivisions:


Australia

Lendlease's regeneration projects include
Barangaroo South Barangaroo is an area of central Sydney, Australia. It is at the north-western edge of the Sydney central business district and the southern end of the Sydney Harbour Bridge. It is part of the local government area of the City of Sydney. The are ...
in Sydney,
Docklands, Victoria Docklands is an inner-city suburb in Melbourne, Victoria, Australia, on the western end of the Melbourne central business district, central business district. Docklands had a population of 15,495 at the 2021 Australian census, 2021 census. Pri ...
in Melbourne, the
RNA Showgrounds The Brisbane Showgrounds (formerly known as the Brisbane Exhibition Ground) is a multi-purpose venue located in Bowen Hills, Queensland, Bowen Hills, Brisbane, Australia. Established in 1875, it hosts more than 250 events each year, the larges ...
in Brisbane, and
Adelaide Oval The Adelaide Oval is a stadium in Adelaide in the state of South Australia. It is located in the Adelaide Parklands, parklands. The venue is predominantly used for cricket and Australian rules football, but has also played host to rugby league, ...
in Adelaide. One of Lendlease's more controversial communities projects is their development for housing and industry of the former Australian Defence Industries ('ADI') land at St Marys (Ropes Crossing & Jordan Springs) in Western Sydney. Some of the group's major communities projects include
Springfield Lakes, Queensland Springfield Lakes is a suburb in the City of Ipswich, Queensland, Australia. It is one of the suburbs created within Greater Springfield. In the , Springfield Lakes had a population of 17,211 people. Geography The Centenary Motorway forms the ...
. Their ADI property is the largest intact area of the biodiverse and endangered plant community, the "Cumberland Plain Woodland".


Asia

Lendlease Asia has been working on two large urban development projects,
The Exchange TRX The Exchange TRX, also known as the TRX Mall and officially known as Plaza The Exchange TRX, is a shopping mall and complex situated next to the Bukit Bintang, Bukit Bintang shopping district in Kuala Lumpur, Malaysia. It is located off Jalan Tu ...
(previously known as TRX Lifestyle Quarter) in
Kuala Lumpur, Malaysia Kuala Lumpur (KL), officially the Federal Territory of Kuala Lumpur, is the capital city and a federal territory of Malaysia. It is the largest city in the country, covering an area of with a census population of 2,075,600 . Greater Kuala Lum ...
, and Paya Lebar Quarter in
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
.


Americas

Lendlease Project Management & Construction (previously Bovis Lendlease) provided construction management services for the
National September 11 Memorial & Museum The National September 11 Memorial & Museum (also known as the 9/11 Memorial & Museum) is a memorial and museum that are part of the World Trade Center complex, in New York City, created for remembering the September 11 attacks in 2001 which k ...
in New York, in addition to a number of other major public buildings throughout the U.S. A Public Private Partnership involved
InterContinental Hotels Group InterContinental Hotels Group (IHG), marketed as IHG Hotels & Resorts, is a British multinational hospitality company headquartered in Windsor, Berkshire, England. It is listed on the London Stock Exchange and the New York Stock Exchange. It ...
and Lendlease, where they joined forces in the Privatization of Army Lodging to deliver quality hotels to
United States Army The United States Army (USA) is the primary Land warfare, land service branch of the United States Department of Defense. It is designated as the Army of the United States in the United States Constitution.Article II, section 2, clause 1 of th ...
Soldiers, their Families, and official guests of the
United States Army The United States Army (USA) is the primary Land warfare, land service branch of the United States Department of Defense. It is designated as the Army of the United States in the United States Constitution.Article II, section 2, clause 1 of th ...
. This partnership created IHG Army Hotels, a division of
InterContinental Hotels Group InterContinental Hotels Group (IHG), marketed as IHG Hotels & Resorts, is a British multinational hospitality company headquartered in Windsor, Berkshire, England. It is listed on the London Stock Exchange and the New York Stock Exchange. It ...
. Other urban regeneration projects include Southbank, an area of
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
, IL. Soaring Heights, a 6 MW solar development at Davis-Monthan AFB, Tucson, Arizona, United States, is a large Public Partnerships business in the US.


Europe

In Europe, major
urban regeneration Urban renewal (sometimes called urban regeneration in the United Kingdom and urban redevelopment in the United States) is a program of land redevelopment often used to address real or perceived urban decay. Urban renewal involves the clearing ...
programmes are underway in
Elephant and Castle Elephant and Castle is an area of South London, England, in the London Borough of Southwark. The name also informally refers to much of Walworth and Newington, due to the proximity of the London Underground station of the same name. The n ...
as Elephant Park, and in
Stratford, London Stratford is a town and district of West Ham, East London, England, in the London Borough of Newham. Part of the Lower Lea Valley, it is northeast of Charing Cross, and includes Maryland and East Village. Historically an ancient parish in ...
as The International Quarter London. Lendlease also worked as project manager on a new township at Durrat Al Bahrain on
Bahrain Island Bahrain Island ( ''Jazīrah al-Baḥrayn''), also known as al-Awal Island and formerly as Bahrein, is the largest island within the archipelago of Bahrain, and forms the bulk of the country's land mass while hosting the majority of its population ...
. In Europe, Lendlease Project Management & Construction provide project management and construction services for new projects and programmes. In 2015, Lendlease oversaw the restoration of the
encaustic tile Encaustic or inlaid tiles are ceramic tiles in which the pattern or figure on the surface is not a product of the glaze but of different colors of clay. They are usually of two colours but a tile may be composed of as many as six. The pattern ...
pavements at The Houses of Parliament.


Major projects and operations

Major construction projects carried out by the company include:


Controversy and incidents

In 2008, the company and a subcontractor abatement firm, the John Galt Corporation, were charged with numerous
OSHA The Occupational Safety and Health Administration (OSHA; ) is a regulatory agency of the United States Department of Labor that originally had federal visitorial powers to inspect and examine workplaces. The United States Congress established ...
safety violations after a fire broke out and killed two firefighters at the
Deutsche Bank Building The Deutsche Bank Building (formerly Bankers Trust Plaza) was a 39-story office building located at 130 Liberty Street in Manhattan, New York City, adjacent to the World Trade Center site. The building opened in 1974 and closed following the ...
, a Manhattan skyscraper being demolished in the wake of the
September 11 attacks The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into ...
. The violations included an employee (Safety Manager) of "Lendlease's Project Management & Construction Business" filling out a safety check list that identified a stand-pipe as being present and functional - when it was actually disconnected in a hard to see spot. The firemen consulted the check list, thought they had a good system and proceeded up into the building to fight the fire. Only when they reached the dangerous area that was on fire, did they realise the system did not have any water pressure, and they died trying to retreat amid the confusion. As of June 2011, two out of the three individuals charged in the associated manslaughter and criminally negligent homicide case have been acquitted. In 2012, Lendlease agreed to pay $56 million in fines and restitution after admitting that the company had routinely over-billed clients and evaded government rules regarding the hiring of women and minority-owned firms. For a ten-year time span ending in 2009, the company along with others devised a scheme to defraud federal, state and local government contracting agencies as well as private clients. The fine is the largest in the city's history. On 29 October 2012 the long boom of a Lendlease construction crane atop the 1,004 foot high
One57 One57, formerly known as Carnegie 57, is a 75-story, supertall skyscraper at 157 West 57th Street (Manhattan), 57th Street between Sixth Avenue (Manhattan), Sixth and Seventh Avenue (Manhattan), Seventh Avenues in the Midtown Manhattan, Midto ...
snapped during
Hurricane Sandy Hurricane Sandy (unofficially referred to as Superstorm Sandy) was an extremely large and devastating tropical cyclone which ravaged the Caribbean and the coastal Mid-Atlantic (United States), Mid-Atlantic region of the United States in late ...
forcing the evacuation of several buildings in
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan, serving as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Building, the ...
. In October 2018, Lendlease was announced as a contender for a £330 million contract to renovate
Manchester Town Hall Manchester Town Hall is a Victorian era, Victorian, Gothic Revival architecture, Neo-gothic City and town halls, municipal building in Manchester, England. It is the ceremonial headquarters of Manchester City Council and houses a number of local ...
. Manchester's Opposition Leader and former MP John Leech uncovered a history of legal, ethical and worker safety controversy surrounding the two shortlisted companies (
Laing O'Rourke Laing O'Rourke is a multinational construction company headquartered in Dartford, England. It was founded in 1978 by Ray O'Rourke. It is the largest privately owned construction company in the United Kingdom. History The company was founded by ...
and Lendlease). He said that "Under absolutely no circumstances" should Lendlease ever be considered for a council contract again until they paid a £3 million Grenfell-style cladding bill in the Green Quarter of Manchester. In January 2019, Lendlease was announced as the winner of the contract. Leech criticised the decision and said it showed a lack of concern for local people. A 23-year-old worker was killed and two others seriously injured in October 2020 on a Lendlease construction site at
Curtin University Curtin University (previously Curtin University of Technology and Western Australian Institute of Technology) is an Australian public university, public research university based in Bentley, Western Australia, Bentley, Perth, Western Australia. ...
in
Western Australia Western Australia (WA) is the westernmost state of Australia. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Aust ...
. This occurred when the roof on the new School of Design and the Built Environment building collapsed.


References


External links


Lendlease corporate site
{{Authority control Financial services companies based in Sydney Investment companies of Australia Companies listed on the Australian Securities Exchange Multinational companies headquartered in Australia Shopping center management firms Real estate companies of Australia Real estate companies established in 1958 Financial services companies established in 1958 1958 establishments in Australia