Australian developer Lendlease (LLC.AX) on Friday said it had reached a mutual agreement with Alphabet's (GOOGL.O) Google to end development services agreements for four master-planned districts in the San Francisco Bay Area.
FILE PHOTO: A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. Photo taken May 8, 2019. REUTERS/Paresh Dave/File Photo"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.
Under the project, Leandlease was to develop up to 15 million square feet of residential, retail and hospitality space and associated amenities, and Google was to develop office spaces. Lendlease said it will remove the project, which was expected to commence construction in fiscal 2026, from its development pipeline.
The developer also retained its forecast for fiscal 2024, with core operating return on equity at the lower end of 8%-10% range.U.S. Secretary of State Antony Blinken on Thursday said he would discuss during a trip to Israel "concrete steps" that should be taken to minimize harm to Gaza civilians amid mounting alarm over soaring casualties in Israel's bombardment of the enclave.
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