Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Alphabet Inc.
  6. News
  7. Summary
    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Google to buy more office space in NYC as big tech swoops down on real estate

09/21/2021 | 01:14pm EDT

Sept 21 (Reuters) - Google plans to buy an office building in Manhattan for $2.1 billion, as the Alphabet Inc-owned search engine giant joins fellow technology companies in investing in prime real estate, even as hybrid work models become common.

The deal for St. John's Terminal site in New York City, which Google currently leases, will complete in the first quarter of next year, Chief Financial Officer Ruth Porat said in a blog post https://blog.google/inside-google/company-announcements/increasing-googles-investment-in-new-york on Tuesday. The space is expected to open by mid-2023.

Tech giants, with billions of dollars in cash reserves, have been taking advantage of lower office building prices across cities in the United States.

Amazon.com Inc's $978 million purchase of the Lord & Taylor building on Fifth Avenue last year and Facebook Inc's leasing of the Farley Building across from Madison Square Garden are seen as prime examples for Manhattan's real estate prospects.

Tech was the top industry for the second straight year in Manhattan leasing activity, brokerage CBRE Group Inc said in January this year.

While Big Tech is growing its footprint, others are vacating office spaces as pandemic-led remote working has prompted companies to reassess the need for real estate.

Financial firms, including JPMorgan Chase & Co, were looking to sublet big blocks of office space in Manhattan, according to media reports https://www.reuters.com/article/us-jpmorgan-realestate-idUSKCN2AU2KS from earlier this year.

Google's latest investment "builds upon our existing plans to invest more than $250 million this year in our New York campus presence," Porat said.

The investment comes at a time when most of its employees are working remotely and it has extended its voluntary return-to-office policy through January.

(Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -3.04% 2751.33 Delayed Quote.61.91%
AMAZON.COM, INC. -2.90% 3335.55 Delayed Quote.4.86%
FACEBOOK INC -5.05% 324.61 Delayed Quote.25.16%
All news about ALPHABET INC.
05:00pUS Stocks Mixed Friday as Dow Sets Record Behind AmEx While Intel, Snap Hurt Nasdaq
MT
04:57pCLOSE UPDATE : US Stocks Mixed Friday as Dow Sets Record Amid AmEx Gain While Intel, Snap ..
MT
04:39pUS Stocks Mixed Friday as Dow Sets Record Buoyed by AmEx While Intel, Snap Drag Nasdaq ..
MT
03:46pALPHABET : Canada's Competition Bureau Secures Court Order to Advance Probe Into Google
MT
02:32pCanada's competition bureau has obtained court order to advance probe into google onlin..
RE
02:32pALPHABET : Canada competition bureau has court order for Google advertising probe - statem..
RE
02:06pALPHABET : Google Said to Charge More Than Double Its Rivals in Ad Deals, Unredacted Lawsu..
MT
01:45pCanada Antitrust Watchdog Probes Google Conduct in Online Ad Market -- Update
DJ
01:39pCanada Antitrust Watchdog Probes Google Conduct in Online Ad Market
DJ
11:03aGOOGLE TAKES 22-42% CUT OF US AD SPE : Wsj
MT
More news
Analyst Recommendations on ALPHABET INC.
More recommendations
Financials (USD)
Sales 2021 251 B - -
Net income 2021 68 752 M - -
Net cash 2021 140 B - -
P/E ratio 2021 28,0x
Yield 2021 -
Capitalization 1 898 B 1 898 B -
EV / Sales 2021 6,99x
EV / Sales 2022 5,88x
Nbr of Employees 144 056
Free-Float 93,1%
Chart ALPHABET INC.
Duration : Period :
Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 46
Last Close Price 2 837,72 $
Average target price 3 230,13 $
Spread / Average Target 13,8%
EPS Revisions
Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ALPHABET INC.61.91%1 897 792
BAIDU, INC.-16.48%62 859
NAVER CORPORATION39.32%51 901
Z HOLDINGS CORPORATION6.20%46 320
YANDEX N.V.9.28%27 256
SOGOU INC.9.82%3 471