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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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.
