September 22, 2021
Google plans to buy the St. John’s Terminal building located on the west side of Manhattan for $2.1 billion.
In a press release issued Tuesday, Google said the purchase will be completed in the first quarter of 2022 and the site is expected to open in mid-2023 “as the new NYC headquarters for Google’s Global Business Organization.”
Commenting on Google’s plans, Ruth Porat, Chief Financial Officer of Alphabet and Google, said in a blog post: “New York’s vitality, creativity and world-class talent are what keep us rooted here. It is why we’re announcing today that we are deepening our commitment to New York and intend to purchase the St. John’s Terminal in Manhattan…We look forward to continuing to grow along with this remarkable, diverse city.”
Above all doubt, Google’s recent actions confirm reports that technology companies are taking proactive steps to invest in real estate, and are doing so by taking advantage of lower office building prices in all U.S. cities.
Previously, the world’s largest retailer Amazon had bought the Lord & Taylor building on Fifth Avenue for $978 million, while Facebook had rented the Farley building opposite Madison Square Garden.
As the brokerage CBRE Group reported in January, the tech industry topped the list for leasing activity in Manhattan for the second year in a row.
For more information, read the original story in Reuters.
