Google LLC is stepping away from a massive lease the company signed at an industrial park in North Texas.
The tech behemoth has backed out of a lease covering more than one million square feet at the Northlake 35 Logistics Park north of Fort Worth. The lease was among the five largest signed in Texas last year.
The lease signing followed one of the other top five in the state, also involving Google. In it, the search engine giant secured a 1.1 million square foot warehouse in Fort Worth in the Majestic Silver Creek Business Park designed by Majestic Reality.
Both leases followed Google’s announcement last August that they planned to invest over $1 billion in Texas in 2024 alone.
The Northlake 35 Logistics Park, developed by Falcon Commercial Development and Clarion Partners, was intended to support Google’s data center operations. However, a broker at KBC Advisors, Nathan Lawrence, told the Dallas Business Journal the facility was back on the market despite having just been entirely built out.
“The space is vacant and available now. All I have heard is that there was excess capacity,” Lawrence told DBJ.
Despite investing an estimated $20.2 million into the facility, no one from Google reportedly moved into the location. With the site back on the market, there are now about 7 million square feet of vacant 1 million square foot properties built within the last three years.