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Google Buys NY Manhattan Office for $2.1B, GOOGL Stock Doesn’t React

UTC by Bhushan Akolkar · 3 min read
Google Buys NY Manhattan Office for $2.1B, GOOGL Stock Doesn’t React
Photo: Google

This has been the biggest office space purchase in US history and comes at a time when Google has been willing to increase its headcount in New York.

On Tuesday, September 21, tech giant Google LLC (NASDAQ: GOOGL) announced purchasing New York’s Manhattan office for a staggering $2.1 billion. The move comes just at a time when the pandemic triggered the remote working culture.

This has been one of the biggest single US office purchases since the pandemic, reported WSJ. Besides, as per the data from Real Capital Analytics, it has also been the priciest. Google noted that the purchase of the St. John’s Terminal in Manhattan will serve as an anchor for the company’s new Hudson Square Campus. The transaction for the same will complete by 2022.

Google already has plans to invest more than $250 million this year in its New York campus presence. The tech giant further noted:

As Google moves toward a more flexible hybrid approach to work, coming together in person to collaborate and build community will remain an important part of our future. It is why we continue investing in our offices around the world.

The St. John’s Terminal in New York is also Google’s largest office out of California. Google noted that the terminal, which is currently on lease, will open by 2023. the tech giant noted that it has made substantial progress in building its 1.7 million-square-foot Hudson Square campus.

This campus will now serve as the New York headquarters for our Global Business Organization including its sales and partnership teams. Google also noted that its campus will offset 100% of its carbon footprint.

With New Office Google Aims at Increasing the Employee Count at New York

Currently, Google has more than 12,000 people working at their New York office. This latest investment will give Google the capacity to expand its workforce to more than 14,000 people.

Furthermore, Google will be also undertaking several talent-nurturing programs in New York. As per Google, New Yorkers will thus have equitable access to quality education, training and resources.

Google noted that its programs have helped to create several in-demand tech jobs during the pandemic. More than 3,800 New Yorkers have undertaken Google’s skills programs and officially completed the certification.

Google has already announced that it wants employees to return back to the office by 2022. GOOGL stock has been one of the top-performing stocks on Wall Street. Since the March 2020 market crash, Google (NASDAQ: GOOGL) stock has gained 170% so far. Its year-to-date gains stand at a staggering 60%. The tech giant is quite close to approaching $2 trillion valuations. 

Yesterday GOOGL gained 0.23% to trade at $2,780.66 while today in the pre-market the loss is 0.24%.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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