In an announcement May 27 through the Australian Stock Exchange, Sydney-based developer and contractor Lendlease said it would refocus operations and real estate investment in its native market and divest U.K. and U.S. projects and assets—an overall transaction it said would "recycle" $2.9 billion into the Australia market while exiting international construction.

Almost immediately after the announcement, on May 28, Milford, Mass.-based Consigli Building Group Inc. said it will acquire Lendlease’s New York and New Jersey construction operations, which comprise most of its U.S. activity—a deal the U.S. contractor said includes employees and work associated with about 45 current under-contract and pre-construction projects.