Google Inc. has signed a contract to buy the building that houses its New York City offices, in a deal that values the property at close to $1.9 billion, according to people familiar with the matter.
The deal for the massive 2.9-million-square-foot property at 111 Eighth Avenue is the biggest for a single building in the U.S. this year.
7:00 pm on Dec 10, 2010 (gmt 0)
I'm not surprised, they needed more space for more employees.
7:09 pm on Dec 10, 2010 (gmt 0)
Now all the tin foil hatters are going to start clamoring about Google expanding into the real estate business...
2:43 pm on Dec 13, 2010 (gmt 0)
@LifeinAsia Haters are Gona Hate any how :-) but seriously its makes sense commercial property is depressed now so it makes sense to invest in property instead of renting - I really must top up my Property Investments's in my ISA
5:02 pm on Dec 13, 2010 (gmt 0)
I agree. Most people don't seem to realize the amount of real estate that many companies own. It's been joked that McDonalds is more of a real estate holding company than a fast food company.
2:42 pm on Dec 15, 2010 (gmt 0)
quite I remember a briefing in BT about how the company had very low borowing and could defend against a take over just by revalueing its property portfolio.
unfortunately After Ian left they appointed spivs to the board who sold off the property portfolio for short term gain - and then repeated the fiasco with the incompetetnt they had running GS.