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“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.
Lendlease bagged the contract from Google to develop $15 billion worth of residential and retail space in Sunnyvale, San Jose and Mountain View in 2019.
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.
