Google shows faith in office with $1 billion London deal
Reuters
Published Jan 14, 2022 02:52AM ET
Updated Jan 14, 2022 09:47AM ET
LONDON (Reuters) -Tech giant Google has spent $1 billion to buy a central London building where it is currently a tenant, showing its confidence in the future of the office as a place to work, the company said on Friday.
Google, which employs 6,400 people in Britain, plans a multi-million pound refurbishment of its offices within the Central Saint Giles development it is buying, close to Covent Garden in central London.
"We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development reflects our continued commitment to the country's growth and success," said Ruth Porat, CFO of Google's parent company Alphabet (NASDAQ:GOOGL).
Google plans to refit the building so it is adapted for in-person teamwork and has meeting rooms for hybrid working, as well as creating more space for individuals.
The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air, the company said.
Google said it would eventually have capacity for 10,000 workers at its UK sites, including one being developed in the nearby King's Cross area of London.
"This investment in jobs from Google is a big vote of confidence in the UK as a world-leading tech hub," finance minister Rishi Sunak said in a statement.
Google said last month that it was delaying its return-to-office plan globally amid growing concerns over the Omicron variant of the coronavirus.
The Central Saint Giles building had been owned by a joint venture between Legal & General Investment Management Real Assets and Mitsubishi Estate (OTC:MITEY) London Limited.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.