{"id":41700,"date":"2023-12-12T09:33:39","date_gmt":"2023-12-12T09:33:39","guid":{"rendered":"https:\/\/www.my-equipment.com\/blog\/?p=41700"},"modified":"2023-11-28T09:38:45","modified_gmt":"2023-11-28T09:38:45","slug":"google-and-lendlease-abandon-15-billion-silicon-valley-project","status":"publish","type":"post","link":"https:\/\/www.my-equipment.com\/blog\/2023\/12\/google-and-lendlease-abandon-15-billion-silicon-valley-project\/","title":{"rendered":"Google and Lendlease Abandon $15 Billion Silicon Valley Project"},"content":{"rendered":"<blockquote><p><em>An official statement from the Australian construction behemoth, Lendlease, confirmed the discontinuation of the ambitious $15 billion initiative in the Silicon Valley region, a joint venture with Google. The decision was disclosed in the aftermath of media reports and detailed that both entities deemed the existing agreements to be no longer mutually beneficial in the prevailing market environment. The cancelation resulted from a thorough review of real estate investments by Google, ultimately leading to the project\u2019s termination.<\/em><\/p><\/blockquote>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/google-and-lendlease-abandon-15-billion-silicon-valley-project\/#Financial_Repercussions_and_Compensation\" >Financial Repercussions and Compensation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/google-and-lendlease-abandon-15-billion-silicon-valley-project\/#Rise_and_Fall_of_the_Project\" >Rise and Fall of the Project<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/google-and-lendlease-abandon-15-billion-silicon-valley-project\/#Impacts_on_Lendlease_and_Market_Conditions\" >Impacts on Lendlease and Market Conditions<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Repercussions_and_Compensation\"><\/span><b>Financial Repercussions and Compensation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The project was supposed to feature four master planned communities with residential, commercial, and office spaces. Lendlease stated that it would be compensated for the work it had already completed in the master planning and entitlement processes. Although the San Francisco Bay Project has been withdrawn from the development pipeline, according to Lendlease its financial projections are still the same.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rise_and_Fall_of_the_Project\"><\/span><b>Rise and Fall of the Project<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The initial blueprints of the project were revealed in July 2019 by the companies, which comprised development districts in Sunnyvale, Mountain View, and San Jose. Google was in charge of managing the construction of its own office space, and the project planned for 15 million square feet of residential, retail, hotel, and other projects in the San Francisco Bay Area.<\/p>\n<p>But unfortunately after a span of six months, the COVID-19 pandemic severely damaged the world\u2019s real estate markets.<\/p>\n<p>The massive Australian construction company has now stated that both businesses decided the development was no longer advantageous to both of them, citing the state of the market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Impacts_on_Lendlease_and_Market_Conditions\"><\/span><b>Impacts on Lendlease and Market Conditions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Lendlease has been really badly impacted by the confluence of rising interest rates and uncertainties in the real estate market in the San Francisco area.<\/p>\n<p>The company\u2019s biggest <strong>US investment<\/strong>, the $1.2 billion, 47-story Hayes Point mixed-use development in the city was put on hold in August. This came after the company laid off almost 10% of its employees worldwide in July. As the company is attempting to shift to a&nbsp; different business model, its earnings reports have suffered. But still the financial analysts stress how important a quick turnaround is right now for the company.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An official statement from the Australian construction behemoth, Lendlease, confirmed the discontinuation of the ambitious &hellip; <a href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/google-and-lendlease-abandon-15-billion-silicon-valley-project\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Google and Lendlease Abandon $15 Billion Silicon Valley Project&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":41702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[1005,1006],"class_list":["post-41700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-australian-construction-company","tag-us-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Google and Lendlease Abandon $15 Billion Silicon Valley Project - Heavy Equipment Market Insights | News | Guides &amp; 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