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LEGAL & GENERAL PLC

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Legal & General : & Mitsubishi sell Central Saint Giles to Google for $1 billion

01/14/2022 | 02:12am EDT

News release: CSG purchase

N.B. Keyword blog of this announcement can be found here.

Draf

Embargoed until 14 January 2022, 00.01am:

Google invests $1 billion in UK ofce purchase

    • Ensures capacity for 10,000 employees across UK sites
  • Reveals multi-million pound refurbishment for future fexible workplace

Google today announced that it is investing $1 billion in the purchase of the Central Saint Giles development, where it is currently a tenant. This investment represents Google's continued confdence in the ofce as a place for in-person collaboration and connection.

As of January, there are more than 6,400 Google employees in the UK. In the last year we have added nearly 700 people. In 2021, we also laid a new subsea cable-GraceHopper-which runs between the United States and the UK.

Across its UK sites, Google will have capacity for 10,000 employees. This includes at our new King's Cross development, which is currently under construction.

Google will make a multi-million pound refurbishment of its ofces within Central Saint Giles to ensure that it is best equipped to meet the needs of its future workplace and has parity with the new King's Cross development.

Google will introduce new types of collaboration spaces at Central Saint Giles for in-person teamwork and inclusive meeting rooms for hybrid working, as well as de-densify the ofces to improve wellbeing. These include team pods, which are fexible new space types that can be reconfgured in multiple ways, supporing focused work, collaboration or both based on team needs. The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air.

Ruth Porat, SVP and CFO of Google and Alphabet, said: "We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development refects our continued commitment to the country's growth and success. Our focus remains on creating fexible workspaces that foster innovation, creativity and inclusivity. We look forward to deepening our connection to the UK as we build for the future of work."

Google wants to ensure that everyone is able to take advantage of the increasing innovation in the UK and grow skill sets to prepare for the jobs of the present and the future. Since it launched its Digital Garage programme in Leeds in 2015, Google has provided digital skills training to more than 700,000 UK residents through its Digital Garage programme.

The Chancellor of the Exchequer Rishi Sunak said: "This investment in jobs from Google is a big vote of confdence in the UK as a world-leading tech hub.

"It is also proof that this country continues to be one of the most atractive places in the world for leading frms to grow their business.

"The tech sector will play a pivotal role in our future economy and help drive forward our recovery from the pandemic, and we are commited to creating the right environment to ensure it continues to thrive."

Digital Secretary, Nadine Dorries said: "Google expanding its UK base is one more success story in a golden age for the UK tech industry, which has just seen another record-breaking year of growth and investment.

"We remain the number one destination in Europe for tech frms to do business thanks to our investment in the UK's world-leading research and innovation capabilities and suppor for our highly-skilled tech workforce."

The Mayor of London, Sadiq Khan, said: "Google's latest investment in London is fantastic news sending a clear message that our capital is a global draw for investment, business and talent. This will help London maintain its position as a world leading technology hub.

"Investment in London's tech sector has a huge role to play in rebuilding a fairer city for everyone as we recover from the pandemic. I welcome this investment and the exciting new jobs and economic prosperity it will generate for Londoners."

- Ends -

Images and renders of Central St Giles and Google's future workspaces being piloted in the US are available for download here, credited and captioned.

Notes to editors:

  • In addition to its London sites, Google also has ofces in Manchester and some UK employees have chosen to work permanently remotely across the country. Transporation near Central Saint Giles is well connected to the rest of the UK, and this will increase with the upcoming opening of the Elizabeth Line.

Disclaimer

Legal & General Group plc published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 07:11:02 UTC.


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