In other Lend Lease news, the company has decided on a new name for its investment management subsidiary.

ERE Yarmouth now will be known as Lend Lease Real Estate Investments. The new name will reflect the parent company and spell out the subsidiary's focus on investment management, a spokesman says.

ERE Yarmouth was formed in 1997 when Lend Lease Corp. bought Atlanta-based Equitable Real Estate and merged it with The Yarmouth Group.