Google: Land Because They Are Not Making Any More of It
December 17, 2018
In a modest little purchase, Google has bought an office park. The Mercury News reports on the “Billion-Dollar Deal: Google Pays $1 Billion for Huge Mountain View Business Park.” It is only the second-largest U.S. property purchase this year—after their own $2.4 billion purchase of Manhattan’s Chelsea Market last spring. In fact, the flourishing behemoth has been on a property spending spree the last couple of years; Writer George Avalos observes:
“Google’s Mountain View Purchase means that in the two years since the search giant began to collect properties in downtown San Jose for a proposed transit village, the company has spent at least $2.83 billion in property acquisitions in Mountain View, Sunnyvale, downtown San Jose and north San Jose alone. Adding to the eye-popping numbers: Google’s spending activity in those four markets reaches $3 billion when including the company’s pending purchase in downtown San Jose of several government-owned parcels, along with the minimum value of a big set of surface parking lots that Google intends to buy from Trammell Crow, also downtown near its proposed transit village. Buying Mountain Vew’s Shoreline Technology Park gives Google a 51.8-acre site…”
It is suggested that Google is “land-banking” nearby properties to use later, as it continues to grow. We are curious to see how the company will leverage each these valuable assets.
Cynthia Murrell, December 17, 2018
Comments
-
- Subscribe to Beyond Search
Feature archive
News archive
-
