As one IT giant stumbles, another one rises. Reuters reports that Google is investing $1 billion in its new UK headquarters, just as Sony announced it would be selling its NYC headquarters for $1.1 billion,
The company purchased a 2.4 acre plot of land in London's Kings Cross Central development, where it plans to build a 1-million-square-foot office.
Once built, the office could be worth up to $1.6 billion, according to one of Reuters' sources.
"This is a big investment by Google, we're committing further to the UK — where computing and the web were invented. It's good news for Google, for London and for the UK," said Google's Vice President for Northern and Central Europe Matt Brittin.
Google already has a presence in London, in Victoria and Holborn districts, but it will move to the new headquarters once it's finished. The company plans to start the construction on the building in 2013, and the project should be completed in 2016.
This is not the first time Google has spent more than $1 billion on real estate. In December 2010, the company bought a 2.9-million-square-foot building at New York's 111 Eighth Avenue for a reported price of $1.9 billion. Investments such as these are easier to make, though, when you have $44.6 billion in cash as Google does.
Source: http://on.mash.to/105YRnU
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