Google is spending $ 2.1 billion on much more actual property in New York
Google is grabbing more real estate in New York City again. On Tuesday, the company announced it would buy one of the buildings it currently leases: Google is buying Manhattan’s St. John’s Terminal at 550 Washington Street for $ 2.1 billion.
New York City is Google’s second largest campus after its headquarters in Mountain View, and this building will be part of the 1.7 million square foot Hudson Square Campus, which has now been expanded several times. The Hudson Square campus includes Chelsea Market, which Google bought for $ 2.4 billion, and the first Google retail store, which opened earlier this year.
St. John’s Terminal was a freight train facility in the 1930s, and the building became a warehouse in the 1960s and office space in the 1980s. This latest remodel is still under construction, and like many other Google buildings, Google plans to turn it into a large glass obelisk with lots of plants and outdoor spaces. Google plans to open the building by mid-2023.
This is one of the biggest office space deals since the pandemic began. That’s an understandable record as COVID-19 is driving more and more people to work remotely and many are not interested in getting back to the office. Google recognizes this trend in its blog post on the move, saying, “As Google moves towards a more flexible hybrid approach to work, meeting in person to collaborate and build a community will remain an important part of our future, which is why we continue to be based in our offices all over the world. ” One of the many industries that the pandemic has disrupted is real estate, so Google is buying low.