Australia/US: Google to team up with Australian developer on $15B Silicon Valley project

On Thursday, July 18, Australian developer LendLease Group announced that it has secured a contract with Google to develop US$15 billion worth of residential and retail space in Silicon Valley, according to Reuters.

Michael McCarthy, chief market strategist at CMC Markets, said it is “an important deal and the client is very well known and it’s likely to be a very innovative development… So in reputation terms, it’s a positive for the company and it may very well attract further attention, in particular attention from international players.”

According to a statement it released, LendLease will develop up to 15 million square feet (1.4 million square meters) of residential, retail and hospitality space and associated amenities in the San Francisco Bay Area, and that Google will develop office space.

Last month, Google announced it would set aside US$750 million worth of land and US$250 million in financing to spur developers in the San Francisco Bay Area to build at least 20,000 homes and renovate other housing over the next decade.