While the state of the global economy is being harsh on certain companies in the tech industry, things are shining for others. Even as Sony disposed its iconic Sony Tower in Madison Ave., New York to raise $1.1 billion, Google is spending nearly that amount to purchase a 2.4-acre plot in central London (near King's Cross), on which it plans to construct a 1 million square foot installation, a building with anywhere between 7 and 11 floors.
Details of the deal aren't public, but sources close to it revealed to Reuters that the plot purchase may have grabbed $1.04 billion out of Google's wallet (no pun intended). Construction of a swanky new office will begin towards the end of 2013, and when it's complete, some time in 2016, it will be valued at an estimated $1.6 billion.
"This is a big investment by Google, we're committing further to the UK - where computing and the web were invented. It's good news for Google, for London and for the UK," Google's Vice President for Northern and Central Europe, Matt Brittin, said in a statement.
|Topics||The Economy, Google, UK, London, Corporate Real Estate|