Tencent Technology News, according to foreign media reports, the US Internet giant Google has found a partner for its most ambitious real estate project to date.
On July 17, Google announced that it has partnered with Australian construction giant Lendlease to develop $15 billion in community real estate in Silicon Valley.
Under the terms of the agreement, Google and Lendlease will redevelop the technology company's property sites in Mountain View, Sunnyvale and San Jose in the next 10 to 15 years.
The two companies will jointly implement the community master plan and development plan, and a large mixed-use community will replace today's office space and open space. Lendlease plans to start construction in 2021.
This is part of a larger housing program announced last month by Google to address the housing crisis facing Google and other technology companies in Silicon Valley.
In an interview after the announcement, Lendlease CEO Dennis Hickey estimates that the project will include 15,000 apartments and rental housing. The total floor area of the entire real estate development project will reach 1.4 million square meters (excluding office space).
Hickey said that the Google and Lendease team has begun working with local governments to re-plan the community. He said that this process "is going smoothly".
According to Lendlease, this is the company's largest development deal in its 61-year history.
The search giant and real estate partners are very familiar with each other—— Lendlease was selected in 2017 to build Google's $435 million London headquarters, designed by Bjarke Ingels and Heatherwick Architects, and is expected to be completed in 2021. Lendlease also collaborated with Google's headquarters project in Sydney, but the headquarters plan has been shelved.
It is worth mentioning that a few months ago, the tech giant dug away Lendlease's real estate executive in San Francisco, Alexei & Alexd Arena.
Lendlease is the general contractor for several luxury high-rise apartment buildings in New York City. He built Harry Macklowe and CIM Group's 432 Park Avenue Building, the World Wide Group and Rose Associates' East 57th Street 252. Project, the Central Park South 220 project of the Vornado Realty Trust and the Haines West 53 Street project.
As early as 2015, the company established a real estate development unit for the US market. Its first project in New York was a joint venture with the Victor Group, located at 277 Fifth Avenue.
According to media reports from Sydney, Australia, the latest Google partnership agreement will increase Lendlease's total global real estate development project investment to around $70 billion. (Tencent Technology Review / Cheng Hao)