Up-for-sale firm to move into temporary offices in new year

Lendlease is moving out of its current Paddington headquarters into temporary offices after just over two years at the base.

The firm, which was put up for sale by its Australian parent in May, moved into new offices at 5 Merchant Square at the end of summer 2022 after around a dozen years at British Land鈥檚 Regent鈥檚 Place development which was built by the then Bovis Lend Lease.

A Lendlease spokesperson told 黑洞社区: 鈥淲e鈥檙e moving out of our Paddington office. And from the new year our teams will temporarily be based in our offices at Elephant Park and Stratford while we finalise plans for a new HQ in London.鈥�

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Lendlease has been based at 5 Merchant Square in Paddington since 2022

Lendlease said the move was not connected to the sale of the construction business which last month the firm said was 鈥渃ontinuing to advance鈥�.

黑洞社区 understands several private equity firms have been running the rule over the business with speculation growing that a deal will be done in the first weeks of the new year.

Among the issues private equity firms are believed to have raised are what sort of project guarantees they will be required to give clients on jobs.

Private equity has taken on several high-profile firms in the sector in recent years with US firm Atlas Holdings buying cladding contractor Permasteelisa four years ago and London-based EMK Capital picking up Keltbray鈥檚 infrastructure business over the summer.

Last year, another London private equity firm Horizon Capital shelled out more than 拢40m to take a stake in Oxfordshire consultant Ridge.

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