Google announced on Tuesday plans to purchase the historic St. John’s Terminal for $2.1 billion in downtown Manhattan.
The real estate deal is expected to go through in early 2022 and will be New York City’s headquarters for Google’s Global Business Organization. St. John’s Terminal is still undergoing renovations from being a freight train facility. However, the renovations are expected to be completed in 2023.
Google was initially renting the location but was offered the option to purchase the building, even as a majority of the staff remain remote for the remainder of the year.
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The sale, which will be the largest single purchase of a building since the start of the pandemic, according to information obtained by the Wall Street Journal, is a sign of how well major tech corporations are doing, even as the pandemic eliminates smaller businesses.
Corporations such as Google, Facebook, Apple, and Amazon are some of the biggest buyers and renters of large buildings in the United States.
“We know that like many places around the world, New York has been significantly impacted by the pandemic,” Google said in a blog post. “We’re extremely focused on helping local communities, organizations and people emerge stronger from this crisis. For example, since 2005, Google has provided over $170 million in grant funding to nonprofits in New York.”
The deal will be a large investment in New York City, even more so than the $250 million Google had already promised to invest. The growing campus will now encompass 1.7 million square miles and will be the largest campus outside of the 2-million-square-mile California campus.
New York City Mayor Bill de Blasio said the investment made by Google is a good step in the recovery of New York City after the COVID-19 pandemic.
“Google’s historic investment in New York City marks an enormous step for our recovery,” de Blasio said in a press release obtained by the Washington Examiner. “The purchase of St. John’s Terminal will ensure New York remains a global leader in technology as well as a place that people are excited to live and work in.”
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According to the press release, construction is also proceeding at Pier 57, where Google will occupy about 320,000 square feet of office space. The site is expected to be completed next year and will also include a public food hall, community space, galleries, the city’s largest public rooftop space, and educational and environmental programs run by the Hudson River Park Trust.
Google has been an active part of New York City’s technological field for over 20 years and has brought jobs to 12,000 employees. With the new location, the company hopes to expand that to 14,000 employees.
