(Reuters) -Australian developer Lendlease Group said on Friday it had reached a mutual agreement with Alphabet Inc’s Google to end development services agreements for four master-planned districts in the San Francisco Bay Area.
“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.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Sonia Cheema and Rashmi Aich)
