Why Google likely decided to buy its downtown digs

Last month’s decision by Google to spend $2.1 billion to buy the downtown building it had been leasing was hailed as a huge vote of confidence in an ailing office market. But what’s still a bit of a mystery is the strategy behind the buy-instead-of-rent play.

For sure, the company will have greater say over the build-out of the interior, expected to start once facades at 550 Washington St. are finished next year. And in a neighborhood that is busy with commercial-to-residential conversions, owning its address should protect the property of the tech giant going forward, some add.

But the deal might have simply made good financial sense.

→ Continue reading at Crain's New York Business

[ufc-fb-comments url="http://www.newyorkmetropolitan.com/news/why-google-likely-decided-to-buy-its-downtown-digs"]

Latest Articles

Related Articles