Lendlease has announced the termination of a $15bn programme of real estate development in San Francisco Bay that it was planning to carry out with Google.
The cancellation was blamed on worsening market conditions, and followed a real estate review by Google.
The projects were to be based in Downtown West San Jose, Moffett Park in Sunnyvale and Middlefield Park and North Bayshore in Mountain View. Altogether, there was to be 15 million sq ft of residential, retail and hospitality space, along with 15,000 homes.
In 2022, Lendlease announced construction had begun on Hayes Point, a 47-storey, 165m-tall mixed-use tower in San Francisco. Construction on the project has since been paused.
In 2023, Lendlease announced it would layoff 10% of staff worldwide. A statement issued to GCR at the time said “the headcount reduction will not impact our project delivery or our targets for work in progress, completions and funds under management”.
