Today Lendlease (ASX:LLC) announced it had entered into an agreement with Google in the US.
They will jointly undertake the master planning, entitlement and development of three major areas in the San Francisco Bay Area in California.
Lendlease estimates that it will develop up to 15 million square feet of residential, retail, hospitality, and other associated community uses in the new neighborhoods.
Google will focus on developing its office space within these mixed communities.
Under the terms of the agreement, Google and Lendlease will work together for the next 10 to 15 years to redevelop the company’s landholdings in San Jose, Sunnyvale and Mountain View into vibrant mixed-use communities.
Shares in Lendlease (ASX:LLC) are trading 4.75 per cent lower at $14.77.