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☆ 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

☆ 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 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

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

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