Google forked over $1 billion for a massive business park in Mountain View, making it by far the biggest real estate buy in the Bay Area in all of 2018. It’s also the second-biggest in the nation, behind yet another Google deal, a $2.4 billion purchase in Manhattan.
The Mercury News, which broke the story on Tuesday, reported that the search giant’s latest purchase in Mountain View brings the company’s total property purchases over the past two years in the South Bay alone to a staggering $2.83 billion. The company will surpass $3 billion in local acquisitions once San Jose OK’s the sale of several city-owned parcels in downtown, a total of 6.3 acres, for a proposed $67 million.
Google’s new Mountain View business complex, called the Shoreline Technology Park, encompasses nearly 52 acres, 12 buildings and plenty of surface parking. According to regulatory filings cited by the Merc, the investment firm that sold the business park to Google on Nov. 20 saw a $700 million gain from the transaction. The site’s assessed value this summer hovered slightly over $367 million.
Google already owns a sprawling headquarters in Mountain View, which lies a little more than a mile from the Shoreline Technology Park. The company also plans to build a huge transit village by the Diridon Station in the heart of San Jose. The City Council plans to discuss the Diridon-area land sales when it meets on Dec. 4.