Lendlease and Google have mutually reached an agreement to end the development services agreements of the four master-planned districts 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.
In 2019, Lendlease and Google have signed a partnership agreement to jointly undertake the master planning, entitlement and development of four new neighborhoods in the San Francisco Bay Area cities of San Jose, Sunnyvale and Mountain View, over the next 15 years.
”The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organisations that the existing agreements are ‘no longer mutually beneficial given current market conditions,” Lendlease said in a statement.
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.
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