He will replace Dame Alison Nimmo, who is due to step down at the end of the year from her role as chief executive, where she ran the Royal Family’s £14bn portfolio.
The Crown Estate’s holdings include property in London’s Regent Street and a fast-growing offshore wind turbine business.
Labbad’s appointment requires a Royal Warrant and was signed off last week.
Australian-born Labbad began his career 22 years ago working for the property and construction developer.
Since August 2014, he has held the dual roles of chief executive officer, International Operations & Europe, responsible for overseeing the expansion of Lendlease’s Europe, Americas and Asia regions.
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He will remain with Lendlease for six months to allow the board time to find his replacement and ensure a smooth transition for his successor.
Under Labbad’s control, Lendlease has steadily expanded in the UK, taking forward in London the Stratford International Quarter and Elephant & Castle regeneration as well as securing the master developer deal for the Euston over-station redevelopment.
More recently housing charity Peabody picked Lendlease as preferred bidder for the £8bn, 11,500 home, Thamesmead Waterfront development in south-east London.
Also Lendlease has made inroads in Birmingham securing the contract to deliver the £350m Commonwealth Games village and £1.5bn transformation of the 17ha Smithfield city centre site in partnership with the council.
