Lendlease launches $2B multifamily fund

Portfolio to include properties in NYC, Chicago and LA

TRD NATIONAL /
Aug.August 22, 2018 12:01 AM

A rendering of Southbank in Chicago (top), Slip 65 at Clippership Wharf in Boston (bottom), and Jason Alderman of Lendlease (Credit: Lendlease and CL Properties)

Australia-based construction giant Lendlease has co-launched a multifamily investment fund to create a $2 billion portfolio in the U.S.

The company and its partner, Australian superannuation fund First State Super, each contributed $500 million in equity to the investment vehicle, the companies announced Wednesday. They plan to create a $2 billion portfolio that includes properties in New York City, Boston, Chicago, Los Angeles and San Francisco.

The portfolio already includes Southbank, a $1.2 billion mixed-use development in Chicago; and Clippership Wharf, a 478-unit residential project in Boston. Lendlease was initially working on a larger project in Chicago — dubbed Riverline — as part of a joint venture with CMK Companies. The partnership dissolved earlier this year, and the firms split more than 15 acres into two parcels, one wholly owned CMK and one by Lendlease (now called Southbank).

Lendlease will serve as the new investment platform’s development, construction and investment manager.

The firm launched a development arm for its operations in the Americas in 2015, saying at the time that it would largely focus on New York City, Boston and Chicago. In New York, Lendlease is co-developing a condo project at 281 Fifth Avenue with the Victor Group.

Until it launched its development platform, Lendlease focused exclusively on construction management in New York. The company is one of the city’s top general contractors and is often tapped to work on luxury high-rise condo buildings.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
The construction, retail and restaurant sectors led May’s surprising jobs rebound, while the hotel industry continued to suffer. (Getty, iStock)

Construction, retail, restaurants lead May jobs rebound

Construction, retail, restaurants lead May jobs rebound
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...