Google, Lendlease End Deals To Build San Francisco Bay Projects
(Bloomberg) -- Alphabet Inc.'s Google and property developer Lendlease Group have ended an agreement to build four projects in the San Francisco Bay Area as the technology firm reviews its real estate footprint.
Lendlease said it will be compensated for its work during the planning process for the projects, which are located in San Jose, Sunnyvale and Mountain View, according to a statement Thursday.
“The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organizations that the existing agreements are no longer mutually beneficial given current market conditions,” Sydney-based Lendlease said in the statement.
The projects would have totaled more than 15 million square feet (1.4 million square meters) of office, residential, retail, hospitality and community development space. The projects were also slated to bring more housing to California's tight residential market.
Google still plans to work with developers and capital partners to move the projects forward, according to a spokesperson.
“As we've shared before, we've been optimizing 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,” Alexa Arena, a senior director of development at Google, said in an emailed statement. “We appreciate Lendlease and the work the team has done to get us to this point.”
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