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Google Buys Property in Palo Alto
Search engine giant Google has bought a 200,000-square-foot portfolio of manufacturing and office properties in Palo Alto.
The seller was Menlo Park-based California Pacific Commercial Corp. and the price was between $60 million and $70 million, according to The Registry, which tracks Bay Area real estate.
The deal was an all-cash transaction. Google declined to comment to the Registry.The portfolio includes seven buildings on approximately 15 acres, which the developments on many of the properties dating to the 1950s.
Although city officials were not aware of Google's plans, there has been discussions about increasing the allowable development on the property.
Google opened its first office in Palo Alto in 1999, before moving to Mountain View.
"It's a very exciting idea," Thomas Fehrenbach, economic development director for Palo Alto, told the Silicon Valley Business Journal. "We're very much looking forward to working with Google on what exactly their plans would be. We're welcoming them back to Palo Alto."
"It's a very exciting idea," Thomas Fehrenbach, economic development director for Palo Alto, told the Silicon Valley Business Journal. "We're very much looking forward to working with Google on what exactly their plans would be. We're welcoming them back to Palo Alto."
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