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☆ Lendlease global CEO: We're 90% through our 'cost-restructuring program'
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLendlease global CEO: We're 90% through our 'cost-restructuring program'Tony Lombardo, global CEO of the construction and real estate company, discusses its results and the performance of its stock.

Persons: Tony Lombardo

☆ Google, Lendlease axe plans for $15 billion development in Bay Area
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Alicia Wallace | ) edition.cnn.com time to read: +4 min

CNN —Alphabet’s Google has scrapped a development deal to build $15 billion worth of homes, offices and retail space in California’s Silicon Valley. The announcement comes amid a period of deep cost-cutting and layoffs for Google and during a time when commercial real estate is faltering. Billion-dollar investmentsIn June 2019, Google made a $1 billion pledge to help develop more affordable housing in the increasingly unaffordable region. A month later, Google partnered with Lendlease to redevelop its landholdings for a 10- to 15-year project valued at $15 billion. Lending to commercial real estate developers and managers largely comes from small and mid-sized banks, where the pressure on liquidity has been most severe.

Persons: Lendlease, “, ” Lendlease, Google’s, we’ve, ”, Sundar Pichai, “ We’ve, ” Scott Foster, Goldman Sachs Organizations: CNN, Google, San Francisco Bay Project, Alexa, Wall Street Journal, Lendlease Locations: Silicon, San Francisco Bay, San Jose, Sunnyvale, Bay, Mountain View

☆ Google and property developer Lendlease ended a deal on $15 billion of Bay Area real estate projects, as Big Tech continues to review the role of offices
▼ + stars: | 2023-11-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Google ended an agreement with Australian construction firm Lendlease to build four campuses in the Bay Area. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. It additionally worked with Lendlease to pave the way for 12,900 units to be built in San José and Mountain View. Lendlease laid off 67 employees earlier this year including several community engagement managers, senior development managers, a head of business operations, and other executives, per CNBC. This was after Google halted construction of its Downtown West campus in San José.

Persons: Lendlease, —, we've, Google's, Meta Organizations: Google, Service, CNBC, Big Tech, Facebook Locations: Bay, San Francisco, San José, Moffet, Sunnyvale, Bayshore, Mountain View, Francisco Bay, Downtown West, London

☆ Lendlease, Google end development deals for $15 bln San Francisco Bay Area projects
▼ + stars: | 2023-11-03 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

FILE PHOTO: A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. Under the project, Lendlease was to develop up to 15 million square feet of residential, retail and hospitality space and Google would develop office space. As of June-end, 12,900 of the planned housing units were approved for development in San Jose and Mountain View, according to Google. Lendlease said it will remove the San Francisco Bay project, which was expected to commence construction in fiscal 2026, from its development pipeline. Lendlease retained its forecast for fiscal 2024, with core operating return on equity at the lower end of its 8%-10% range.

Persons: Paresh Dave, Lendlease, Himanshi, Ayushman Ojha, Sonia Cheema, Rashmi, Sohini Organizations: REUTERS, Lendlease, Google, San Francisco Bay Area, Francisco's, Alexa Arena, San, UBS, Thomson Locations: Mountain View , California, U.S, San Francisco Bay, Sunnyvale, San Jose, Mountain, Westfield, Bay, Hayes, San Francisco, Americas, Bengaluru

☆ Google, Lendlease Scrap Agreement for $15 Billion Real-Estate Development in Silicon Valley
▼ + stars: | 2023-11-02 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

A Lendlease construction site in Sydney. Photo: david gray/ReutersSYDNEY—Four years ago, Google and Australia’s Lendlease rolled out a vision for a more than $15 billion real-estate investment in the San Francisco Bay Area featuring apartments, shops and new office space. Now, those plans are on the scrapheap, the latest example of U.S. tech leaders dumping office space at a rapid clip as they reassess commitments to the workplace.

Persons: Lendlease Organizations: SYDNEY —, Google Locations: Sydney, San Francisco Bay

Google confirmed on Thursday that the company ended its agreement with the development partner that was working on four key campus sites. Alphabet-owned Google is embarking on its most expansive cost cuts in its almost two decades on the public market. CNBC reported that, as part of Google's downsizing that went into effect early this year, the company gutted its development team for the San Jose campus. As recently as September, Google executives, including CFO Ruth Porat, appeared at a San Jose event that aimed to reaffirm the company's commitment to building in the city. San Jose Mayor Matt Mahan said in a statement to CNBC that the latest news "doesn't change Google's commitment to San Jose or their timeline."

Persons: Lendlease, we've, Ruth Porat, Matt Mahan, Mahan Organizations: Google, Lendlease, Downtown, San, Alexa, CNBC, San Jose Locations: Jose, Sunnyvale, Bayshore, Mountain View, San Francisco Bay, Bay, San Jose, San

☆ Lendlease CEO discusses its 'five-year turnaround plan'
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLendlease CEO discusses its 'five-year turnaround plan'Tony Lombardo, global CEO of the construction and real estate company, discusses its earnings, its outlook and its "five-year turnaround plan."

Persons: Tony Lombardo

☆ Developer Lendlease's losses widen, points to UK residential law
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

Lendlease had earlier signed a contract and had taken an A$295 million ($191.69 million) provision against potential liabilities for its properties in the UK because of industry-wide action by the country's government. The company attributed the results to UK legislation that forced it to shell out millions to remediate residential properties in the country. Its statutory loss after tax for the year came in at A$232 million, compared to A$99 million reported a year ago, the company said. The company however reported 9% growth in its full-year funds under management to A$48.3 billion and continues to expect further growth. ($1 = 1.5389 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Lendlease, Tony Lombardo, Rishav Chatterjee, Sonali Paul Organizations: Lendlease, Thomson Locations: United Kingdom, Bengaluru

New York CNN —In mid-July at the construction site at 1 Java Street in Brooklyn, New York, the outside temperatures can reach sweltering highs in the 90s. Geothermal technology is essentially a more eco-friendly version of an HVAC system, allowing the building spaces and water to be cooled and heated more efficiently, without traditional window AC units and natural gas. 1 Java Street in Brooklyn will use a geothermal sytstem for heating and cooling. In the winter, when the underground temperature exceeds the surface air temperature, water is used to transfer heat from the ground to building interiors; the process is reversed in the summer. Installing the building’s geothermal system increased construction costs by around 6%, according to Madi, and required securing equipment and trained manpower that remains relatively scarce.

Persons: New York CNN —, it’s, Biden, Layth Madi, Lendlease’s, “, ” Madi, ”, Adam Alaica, ” Alacia, — Madi, York —, Alacia Organizations: New, New York CNN, New York State, International Energy Agency, CNN, Marvel, Lendlease, Geosource Energy Locations: New York, Brooklyn , New York, Greenpoint, Brooklyn’s, New York City, Brooklyn, Madi, York

☆ A massive geothermal apartment complex is going up in Brooklyn, the first of its kind
▼ + stars: | 2023-04-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Instead, massive drills are scattered across the full city block, drilling 320 boreholes nearly 500 feet into the ground. When construction is completed in 2025, the site will house the largest residential apartment complex in the U.S. to be heated by geothermal energy. Geothermal heating and cooling has been around for a while, but is generally used just on single houses or small buildings. Using geothermal will reduce its greenhouse gas emissions by an estimated 53%, but it will cost about 6% more to build. "So as a long-term owner of an apartment building, we view this as in addition to its sustainability a financially sustainable practice," he added.

☆ Google's 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown
▼ + stars: | 2023-04-21 | by ( Jennifer Elias | ) www.cnbc.com time to read: +9 min

The city of San Jose may now be paying the price. CNBC has learned that, as part of Google's downsizing that went into effect early this year, the company has gutted its development team for the San Jose campus. By then, the company had already completed much of its multi-year land grab of downtown San Jose for the future campus. Google spent several years planning for the San Jose complex and invested significant resources in winning over the local community. "We all originally knew that it's going to be a long-term plan," San Jose councilmember Omar Torres, who represents the downtown area, told San Jose Spotlight in February.

[1/5] Elderly visitors enjoy the sunshine, at a nursing home of Lendlease's Ardor Gardens in Shanghai, China February 27, 2023. Lim says "stigma" around retirement homes in China is quickly disappearing. About 4% of people aged 65 and over in Britain live in retirement homes, according to information service Lottie. Ding Hui, China managing director at Australian real estate firm Lendlease (LLC.AX), expects demand for retirement homes to rise sharply in the next five to 10 years. Government-run nursing homes with basic facilities in Shanghai and Beijing are much cheaper, at about 2,000 yuan ($290) a month.

☆ Want to cash in on China's reopening? Bank of America and UBS have some less obvious stock picks
▼ + stars: | 2023-01-26 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

China's unwinding of its strict Covid-19 controls has got analysts scrambling to identify reopening beneficiaries in the stock market. But there could be another way to play the reopening, with Bank of America and UBS having identified a raft of less obvious beneficiaries outside of China. UBS' stock picks Thai hospitality group Minor International is one of UBS' top picks. Within Thailand, UBS also named rail transit operator BTS Group, expressway and metro operator Bangkok Expressway & Metro, as well as Bangkok Bank as reopening beneficiaries. Student placement provider IDP Education, as well as property groups Lendlease Group and Mirvac Group also made the UBS list.

☆ Risk Experts Gird for a Potentially Tumultuous 2023
▼ + stars: | 2022-12-29 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Kristen Jaconi, executive director of the Peter Arkley Institute for Risk Management at USC Marshall School of Business. The risk and compliance software company recently surveyed more than 450 senior risk, compliance and other professionals on their top perceived risks. Nearly three-quarters of risk professionals Diligent surveyed said they were concerned about meeting regulatory demands. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. “Unfortunately, humans bring a lot of biases into their decision making, including decision-making about risk,” Ms. Jaconi said.

☆ UK's Landsec sells 21 Moorfields property to Lendlease for $917 mln
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 21 (Reuters) - British landlord Land Securities Group Plc (LAND.L) said on Wednesday it had sold 21 Moorfields, EC2 office property in London to an investment vehicle managed by Australia's Lendlease Group (LLC.AX) for 809 million pounds ($917.08 million). A 568,500 square feet property, 21 Moorfields was fully pre-let to Deutsche Bank (DBKGn.DE) on a 25-year lease for housing the German firm's London headquarters. The FTSE 100 firm said the total consideration from the sale of 21 Moorfields represents a 9% discount to the property's value in March and the net proceeds would initially be used to reduce debt. Landsec has now sold 1.8 billion pounds of London offices following the strategic review in late 2020, when it undertook the decision to raise capital by selling mature office spaces. ($1 = 0.8821 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Aby Jose Koilparambil in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's silver generation is after 'five-star' retirement homes, says real estate developer
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralia's silver generation is after 'five-star' retirement homes, says real estate developerAccording to the World Health Organization, one in six people will be aged 60 and above by 2030, and that number will reach 2.1 billion by 2050. CNBC's Christine Tan speaks to Tony Lombardo, Global CEO of Lendlease, about how his company is capitalizing on this growing demographic.

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