Google buys New York office building for $1.9 billion
Google has spent a reported $1.9 billion on buying its office building in New York.
Although Google's official announcement coyly refuses to discuss the money involved, the company is thought to be paying $1.9 billion to purchase its New York office building at 111 Eight Avenue, or 76 Ninth Avenue, depending on which entrance you use.
The building is being purchased from current owners Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund. Although Taconic Management Company retains its role in the management of the building, Google is now the outright owner.
However, Google isn't expected to start evicting the building's other tenants just yet. Instead, it's using the deal to minimise its operational costs, while generating useful income from leasing portions of the building that it doesn't need yet. This is a strategy that David Radcliffe, vice president of real estate and workplace services at Google, describes as 'a great real estate investment in a thriving neighbourhood and a fantastic city.'
If the $1.9 billion purchase figure, quoted by The Wall Street Journal and others, proves true, then it's a major coup for Taconic, which paid a mere $300 million for the property when it acquired it in 1998.
Do you think Google has made a shrewd investment decision, or is it getting spend-happy as the year draws to a close? Share your thoughts over in the forums.
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Discuss in the forums ReplyNo, but it may be shrewd?
Fixed - thanks.
This is very true. For that sort of money they could of build an enormous office building that when viewed from above either spelt "Google" or "Look how much money we have sitting around to splurge".
It makes sense to buy the building since they already let parts of it. Not only will it reduce Google's operating costs by several million a year they will also have a steady income from the other tenants in the building. These are the figures that are important to stock holders.
(Quickly opens wallet) Well, Let me see. . . 1. . . .2. . . 3. .
A million million, although pretty much no-one uses that any more - other than a few starchy old farts & the occasional pedant, all trying to make some sort of point...
actually... a billion is considered a million million in a lot of european countries still... in Portugal we still use the "thousand millions" definition to speak of US billions :P
1million= 1,000,000
1 billion = 1,000,000,000
1 trillion= 1,000,000,000,000
Anywhoo, this isn't too surprising I guess. Google spends billions per quarter on buying assets (http://www.marketwatch.com/story/google-acquisition-tally-hits-16-billion-2010-10-29 etc). And as M7ck says, this makes pretty good sense especially since they're already renting part of the building.
Well in my mind an e-company still needs employees and now they have a major hub in a major city on the east coast as well as the west coast. For people like me who are on the east coast in the USA and plan to be here for a few years its a serious draw. Google takes phenomenal care of there employees from what I've heard and read. So they are likely to bring in people who are highly qualified, but located on the east coast and not willing to relocate. Speaking from my position, there are several positions I've see posted for Google that I would love to apply for but I'm just not willing to move that far right now. With an east coast location (assuming similar jobs are available) it makes the situation much more appealing to me.
just my .02
We will know soon enough... for what purpose?
Google TV empire perhaps? :P
I wish I could avoid paying taxes.
You're totally right! Americans are the farts that misuse billion because they're too fat and lazy to say a thousand million!
1 million = 1,000,000
1 thousand milion = 1,000,000,000
1 bilion = 1,000,000,000,000 (notice it's the double number of zeros!)
1 thousand bilion = 1,000,000,000,000,000
1 trilion = 1,000,000,000,000,000,000
Now go dream what would you do if you had this last amount of money
You learn something new every day I guess, all it means is that all those in the rich list are only a fraction as rich as I thought they were!
I was goin to say the same.. shanky is american...
Im awake but already dreaming waht would I do with 1 trillion!!!!
Oh please... tell us how you really feel. Because by all means being a dick in the forums is a good thing.
So what's a thousand thousand? Oh that's right, a million!
By your logic, a million should be 1,000,000,000 (a thousand times bigger than a thousand thousand) but it's not.
It's simple, you just assign a new word every time you get a thousand times bigger.
Thousand ones is a thousand.
Thousand thousand is a million.
Thousand million is a billion.
Thousand billion is a trillian etc.
The old fashioned rule just gets complicated.
1 million
1000 million = milliard
1000 milliard = 1 billion
1000 billion = 1 billiard
1000 billiard = 1 trillion
...
I don't see the problem. ;)
I've already said. Need help reading?:| If you got offended, sorry then, by no means I meant to act like a dick but I believe I wasn't so far off it regarding to usa
Every news with the american dollar in it makes people believe something that isn't used in their own country and for your information: One time I also thought like that and in Trivial Pursuit (not a Portuguese game as you can imagine) I answered to the question: "How many zeros has a billion?" with "9 zeros!".... WRONG! 12 zeros. Go fish ;)
You can search that is how it's counted and properly done. Don't blame me for creating the names, just make people notice what I once thought was right. I believe it might get complicated due to people getting use to say the american way. Say as you want, freedom of speech, yeah. I've only brought something to light that is useful for some;)
Huh?...............One million = 1,000,000 = 6 zeros. Where did you get nine from and where the hell did TP get twelve from?
O shite! I meant a billion :(
How many zeros has a billion? - that's the right question:o