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Google, Lendlease axe plans for $15 billion development in Bay Area

today 11/06/2023
Google has decided to cancel a $15 billion development deal with Australian developer Lendlease to build homes, offices, and retail space in California's Silicon Valley. The decision was made after a comprehensive review by Google of its real estate investments and due to current market conditions. Although Google is still committed to delivering on its housing commitment, it will no longer work exclusively with Lendlease and will broaden its relationships with other developers and capital partners. The cancellation comes at a time of cost-cutting and layoffs for Google, as well as a challenging period for the commercial real estate industry. This setback adds uncertainty to Google's plans to address the affordability crisis in the Bay Area.
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