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Google Buys Largest Office Building Outside California In New York For $2.1 Billion

Google plans to buy an office building in New York for $2.1 billion, despite the fact that most of its workforce still works from the comfort of their homes.

The acquisition represents the most expensive purchase and sale of any office space in the United States since the beginning of the pandemic, the Wall Street Journal reported, citing Real Capital Analytics.

Google is already renovating the premises of the St. John’s Terminal on Hudson Square in the heart of Manhattan under a lease agreement, but it has now been announced that it will buy it, so that it becomes the “hub of its new campus” in New York, confirmed the financial director of the company, Ruth Porte.

Analysts from the CNBC portal see this transaction as a positive sign for the New York real estate market, and the return of large employers to office space.

By the way, Google told its employees that they do not have to return to the offices until January. The executive director of the IT giant, Sundar Picaj, said earlier that he expects 20% of employees to continue working remotely after the reopening.

Google, just like other big technology companies, achieved financial growth during the pandemic. Consumers relied even more on the company’s internet services during the lockout period, for the purposes of schooling, business or entertainment.

The company previously announced that it would invest $250 million in New York this year and expand the number of employees in the “Big Apple” from 12,000 to 14,000 in the next few years.

St. John’s Terminal should be inaugurated by mid-2023. According to Ruth Porte, this place will be Google’s largest out-of-headquarters office in California. The campus will have about 160,000 square feet and will house the company’s sales and partnership teams.

 

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