Google Buys Mountain View Property For $1B
Google, which has been on a growth spree throughout Silicon Valley, just spent $1B on a 51.8-acre business park in Mountain View next to the company's headquarters.
It is the second-largest deal in the U.S. so far this year, The Mercury News reports. The largest purchase? Google's $2.4B buy of Manhattan's Chelsea Market.
The company has reportedly been on the prowl for additional locations in New York City to support its growth there.
Not surprisingly, the Mountain View buy is the biggest deal so far this year in the Bay Area.
The new campus, Shoreline Technology Park, is larger than the company's existing headquarters. HCP sold the park to Google Nov. 20, realizing a $700M gain on the property, The Mercury News reports.
Google could add 10M SF to its portfolio in the coming years with projects already planned before this latest buy. The company has also bought dozens of parcels in Sunnyvale since 2017, totaling more than $1B.
In San Jose, the company has been gathering up properties where it is planning its nearly 8M SF transit village near Diridon Station. That has triggered a "Google effect" in the city's downtown as other companies buy up property in the area for office and multifamily development. Google's transit village, announced in 2017, will have office, research and development space, retail and other commercial space and housing.
In the 12 months ending in September, buying activity in San Jose exceeded $1.4B.
This latest sale dwarfs the previous record for this year in Silicon Valley: Jay Paul Co.'s $284M buy of Cityview Plaza in San Jose.
