November 6, 2023
1 min read

Market Shifts Prompt Google and Lendlease to End Major Development Agreement

Google and Lendlease agreed to the original $15 billion deal in 2019 and planned to spend 10 to 15 years redeveloping Google’s land across locations…reports Asian Lite News

Google has ended its $15 billion deal agreement with Lendlease, the developer the company had been working with on major campus projects in the Silicon Valley.

Lendlease said in a statement that both companies agreed to end the deal after determining that “the existing agreements are no longer mutually beneficial given current market conditions.”

The four master-planned districts are in San Jose (Downtown West), Sunnyvale (Moffett Park), and Mountain View (Middlefield Park and North Bayshore) in the San Francisco Bay area in California, collectively referred to as the San Francisco Bay Project.

The development could have totalled over 15 million square feet of “office, residential, retail and other space.”

Google and Lendlease agreed to the original $15 billion deal in 2019 and planned to spend 10 to 15 years redeveloping Google’s land across locations.

However, the pandemic significantly changed business real estate needs after companies shifted toward hybrid work. Google’s senior director of development Alexa Arena said that the company is looking at “a variety of options” to meet its housing commitment.

“We’ve been optimising our real estate investments in the Bay Area, and part of that work is looking at a variety of options to move our development projects forward and deliver on our housing commitment. We appreciate Lendlease and the work the team has done to get us to this point,” Arena added.

As part of the decision to end these agreements, Lendlease will receive a payment in consideration for value created through the entitlement and master planning process. Lendlease will remove the San Francisco Bay Project, which was expected to commence construction in FY26, from its development pipeline.

ALSO READ-Google Invests $2 Billion in Anthropic

Previous Story

Debutant Filmmaker Anand Ekarshi’s ‘Aattam’ Gains Acclaim

Next Story

Air India Unveils Ambitious Growth Plans

Latest from Tech LITE

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

India’s Digital Decade Rise

Arundhati Bhattacharya, President and CEO at Salesforce-South Asia and recipient of the Padma Shri, sat down with IANS at an event in the capital to reflect on India’s transformation into a digital

UK Delays AI Regulation

UK Government Delays AI Regulation Bill by a Year, Plans Comprehensive Legislation to Address Safety and Copyright Concerns Efforts to regulate artificial intelligence in the UK have been pushed back by at

OpenAI Expands In India

This programme, now part of the broader ‘OpenAI Academy’, focuses on real-world impact through hands-on guidance, early access to tools, and shared learning Indians have emerged as the most enthusiastic population globally

Trump boosts private Mars missions

The budget earmarks over $7 billion for lunar exploration, including the continuation of the Artemis programme, while setting aside a new $1 billion investment specifically for commercial Mars initiatives. In a bold
Go toTop

Don't Miss

Google faces US scrutiny over abortion seekers’ location data

Concerns about the security of location data have spiked in

Pichai pitches India as hub for Google products  

Reiterating his vision to help India join the digital bandwagon,