We’ve received questions from a few investors about the recent headlines regarding Google’s campus development in San Jose. In short, this is not anticipated to affect Google’s long-term plans in San Jose based on the company’s response to the latest headlines.
The following is some additional context on these recent headlines:
Google and Lendlease (an Australia-based real estate company) mutually canceled their campus development contract.
We have reason to believe Jamestown LP has replaced Lendlease as Google’s campus development partner.
A Google senior development director wrote in a statement that the search giant has been “optimizing our real estate investments in the Bay Area, and part of that work is looking at a variety of options to move our development projects forward…”.
A large number of Google employees live in Silicon Valley, according to the most recent report commissioned by Google that shows where its Bay Area employees live.
Google moved into two office buildings in San Jose totaling 369,000 square feet of space earlier this year, which is indicative of it locating offices closer to where its employees live.
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