Google announced this morning it plans to purchase the St. John's Terminal in Manhattan for $2.1 billion, which will serve as the anchor of its new Hudson Square campus.
The investment comes as Google has kept its workers at home during the pandemic and is planning on embarking on a more flexible hybrid approach to work when employees do return to the office. Yet like many big tech companies that are following similar paths, it is also investing in office assets.
Indeed, the company noted that its decision to exercise its option to purchase St. John's Terminal further builds upon its existing plans to invest more than $250 million this year in its New York campus presence.
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The St. John's Terminal is located at 550 Washington St, which Google is currently leasing and expects to open by mid-2023.
Other sizable investments the company has made in New York include its 1.7 million-square-foot Hudson Square campus that will serve as the New York headquarters for its Global Business Organization, which is home to its sales and partnership teams.
The St. John's Terminal transaction will close in the first quarter of 2022.
St. John's Terminal is a former freight facility that is being reimagined into a sustainable, adaptable and connected building. The building will also offset 100% of its carbon in support of Google's carbon goals.
Construction is also proceeding at Pier 57, which Google expects will be completed next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
