Australian developer Lendlease Group has paused work on an A$1.9 billion office and apartment complex in San Francisco in the troubled West Coast real estate market, it said on Monday, after reporting a drop in annual core profit.
Office entry in San Francisco was 58 per cent below the pre-pandemic baseline, the lowest globally, according to a May report by Jones Lang LaSalle. "We've got A$260 million currently invested in the project. It was a decision over the last couple of months to pause but with really making sure we de-risk it appropriately before we're prepared to put further capital into that," Lombardo said.
Lendlease owns, invests in or manages real estate globally, including an A$33 billion office portfolio.
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