Alphabet Inc (NASDAQ: GOOGL) Purchases New Office Worth $2.1 Billion in New York City

Alphabet Inc (NASDAQ: GOOGL) always seeks out every opportunity for growth that comes its way, and this time around, it is about the purchase of a new office in New York City. The Covid-19 outbreak brought most companies to their knees, and Google happens to be part of those affected. As a result, it has been working towards expanding its office space, and channeling about $2.1 billion into the purchase deal is one of its successes in its dramatic expansions. The office is on Manhattan’s West Side.

New working model

The company embraces the latest changes at a time when the hybrid working model is taking over due to the effects of the pandemic. It was on Tuesday that the company gave out a statement. It stated it would unveil the new office in  mid-2023.

 Sources portray the new acquisition as a pretty expansive one. It happens to be the most expensive sales deal of a single US office building ever reported since the Covid-19 outbreak engulfed the world. It is one of the most expensive deals in US history.

Google continues to expand its footprint significantly, with major investments in areas that matter.  

It was sometime back that Google started leasing the St. John’s Terminal. The company’s expansion moves got it to buy the former freight transfer facility, which is now part of its assets. It takes great pride in its 1.7 million-square-foot Hudson Square campus and anticipates more impressive changes in the future. 

Offering employees more flexibility

Google admits the expansion towards a hybrid environment to be part of its plans. However, it has been quick to state the other reasons as to why it bought the building. The company outlines that in-person collaboration has always formed part of its dreams into the future.

Google’s postponing the full return to the office until 2022 opens up a new pandora’s box, with analysts expressing different perspectives regarding the new changes. The company seems to be offering part of its employees great flexibility, which is certainly a pretty good thing. Its plan involves giving them a leeway to work from anywhere, provided their roles allow for it.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.

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