Search
 

Google Buying HQ Buildings for $319M

MOUNTAIN VIEW, CA-The locally based Internet search leader is buying its 978,000-sf campus from a Whitehall fund. Last week, Sun Microsystems inked a deal to sell its 1.4 million-sf campus in Newark, CA for $215 million.

By Brian K. Miller | Updated on June 15, 2006

MOUNTAIN VIEW, CA-Google Inc. is acquiring its 978,000-sf headquarters campus here for $319 million. The Internet search king said Thursday in an SEC filing that on June 9 it entered a purchase and sale agreement and, as part of the agreement, placed $10 million in escrow. The transaction is expected to close before the end of the month.

The seller is Whitehall Parallel Real Estate LP XIII, one of the Whitehall Real Estate Funds managed by Archon Group LP, an affiliate of the Dallas-based Goldman Sachs Group Inc. WXIII is selling the buildings and its leasehold rights on the underlying dirt, which is owned by the City of Mountain View.

The addresses of the campus are 1600 Amphitheatre Parkway and 1200-1500 Crittenden Lane. The ground lease related to 1600 Amphitheatre contains an initial term expiring in 2050 with four options to extend the term for additional periods of ten years each. Rent payments under the ground lease will be approximately $140,000 per month and will increase by 4% each year thereafter. In addition, every 10 years the annual base rent will be readjusted to equal 7% of the then-current fair market value.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.