{"id":1004551132,"date":"2021-09-21T06:15:24","date_gmt":"2021-09-21T14:15:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551132"},"modified":"2022-12-09T00:50:04","modified_gmt":"2022-12-09T08:50:04","slug":"google-to-purchase-st-johns-terminal-for-2-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/","title":{"rendered":"Google to Purchase St. John\u2019s Terminal for $2.1B"},"content":{"rendered":"
\"\"<\/a>

St. John’s Terminal. Image courtesy of COOKFOX Architects via Google<\/p><\/div>\n

Google plans to acquire St. John\u2019s Terminal, a 1.3 million-square-foot Manhattan property currently developed by Oxford Properties Group and the Canada Pension Plan Investment Board, for $2.1 billion. The internet giant previously committed to leasing the property<\/a> on Manhattan\u2019s West Side in 2019. St. John\u2019s Terminal topped out last year, with Google planning to move in by 2023. The sale is expected to close in the first quarter of 2022.<\/p>\n

Located at 550 Washington St., St. John\u2019s Terminal is part of a historic freight facility that Oxford Properties Group and CPPIB acquired in 2018 for $700 million<\/a> from Westbrook Partners and Atlas Capital Group. The 3.3-acre development is situated in the Hudson Square submarket of Midtown South, south of Manhattan\u2019s Hudson Yards megadevelopment.<\/p>\n

Apart from St. John\u2019s Terminal, Google is set to occupy an additional 400,000 square feet of office space in the immediate area as part of its future Hudson Square campus, the company\u2019s largest footprint outside California. Ultimately, Google plans to grow its New York City workforce to more than 14,000 employees.<\/p>\n

The hybrid dilemma<\/h2>\n

While many large companies, including Google, have announced that their future workplaces are slated to include sizeable work-from-home components and other similar flexible arrangements, there\u2019s no shortage of large tech players doubling down on the importance of physical offices.<\/p>\n

\u201cAs Google moves toward a more flexible hybrid approach to work, coming together in person to collaborate and build community will remain an important part of our future,\u201d Alphabet and Google CFO Ruth Porat said in a statement published by the company.<\/p>\n

And as owners and managers are navigating the new crosswinds of the office sector, assets anchored by major tech companies continue to make the headlines. Mirroring Google\u2019s move, LinkedIn recently acquired<\/a> its Silicon Valley headquarters for $323 million from RREEF Property Trust. Earlier this year, a Facebook-leased Bay Area campus secured a $750 million refinancing package<\/a> and Kilroy sold The Exchange on 16th in tech-heavy San Francisco for a record $1 billion<\/a>.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

While ramping up hybrid workplace plans, the company is still investing in physical assets.<\/p>\n","protected":false},"author":740,"featured_media":1004551133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,10,21747],"tags":[33308,33286,33104],"class_list":["post-1004551132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-northeast","category-office","tag-canada-pension-plan-investment-board","tag-google","tag-oxford-properties-group"],"acf":[],"yoast_head":"\nGoogle to Purchase St. John\u2019s Terminal for $2.1B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Google to Purchase St. John\u2019s Terminal for $2.1B\" \/>\n<meta property=\"og:description\" content=\"While ramping up hybrid workplace plans, the company is still investing in physical assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-21T14:15:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:50:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/08_WEST_STREET__COOKFOX_Architects.max-1000x1000-1-e1632232530578.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"887\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/\",\"name\":\"Google to Purchase St. John\u2019s Terminal for $2.1B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/08_WEST_STREET__COOKFOX_Architects.max-1000x1000-1-e1632232530578.jpg\",\"datePublished\":\"2021-09-21T14:15:24+00:00\",\"dateModified\":\"2022-12-09T08:50:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/b496539dc21c086e1deff9b417453162\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/google-to-purchase-st-johns-terminal-for-2-1b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/08_WEST_STREET__COOKFOX_Architects.max-1000x1000-1-e1632232530578.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/08_WEST_STREET__COOKFOX_Architects.max-1000x1000-1-e1632232530578.jpg\",\"width\":887,\"height\":665,\"caption\":\"St. John's Terminal. 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