Boston-based Consigli Building Group has formalized its acquisition of Australian developer Lendlease’s construction operations division in New York State and New Jersey.

Lendlease announced its exit from the U.S. market at the end of the second quarter and its intent to divest itself of its U.S. East Coast construction operations division.

The terms of the sale included a portfolio of work valued at over $1.8 billion associated with under contract and preconstruction projects in the New York and New Jersey region, Consigli said. More than 400 Lendlease employees will transition to Consigli as part of the deal.

Historically, Lendlease was a notable provider of construction services in the New York City region, having worked on the National September 11 Memorial & Museum, Central Park Tower, projects for Columbia University, an expansion of Jacob K. Javits Convention Center and projects for the American Museum of Natural History.

“Lendlease is the largest healthcare builder in NYC, and we are fortunate to bring on some of the most experienced healthcare and life science people in the NY and NJ metro area,” Anthony Consigli, CEO of Consigli Construction Co., said in a statement. “Lendlease’s large, complex project planning experience coupled with our local resources, tools and technologies will allow us to provide the stability and the flexible, nimble leadership needed to allow us to deliver the absolute best client service possible in an ever
changing construction world.”

The acquisition comes as several Boston-based construction giants have been looking to expand their footprints to different parts of the nation amid a broad-spectrum downturn in the commercial real estate industry and uncertainty when financing conditions will enable developers to return to growth.