Alphabet Eyes Manhattan Building For $2.1B Amid Hybrid Work Trend

Alphabet Inc GOOG GOOGL is looking to acquire a Manhattan office building for $2.1 billion to anchor its new Hudson Square campus, the company wrote in its blog.
The move highlights Google's importance of coming together in person to collaborate and build community despite its shift towards the flexible hybrid approach to work.
Google will also exercise the option to purchase St. John's Terminal building on its existing plans to invest over $250 million in 2021 in its New York campus presence and accomplish its racial equity commitments.
The St. John's Terminal site at 550 Washington Street, Google's most prominent office outside California, which Google currently leases, expects to open by mid-2023. St. John's Terminal is a former freight facility reimagined into a highly adaptable and connected building. The transaction will close in the Q1 of 2022.
Google disclosed substantial progress in building its 1.7 million-square-foot Hudson Square campus that will serve as the New York headquarters for its Global Business Organization.
Construction is also proceeding at Pier 57, which will likely be over next year, helping it engage with its community neighbors. It will also include office space, a public food hall, community space, galleries, public rooftop space, and educational and environmental programs run by the Hudson River Park Trust.
Price Action: GOOG shares traded higher by 0.54% at $2,795.24 on the last check Tuesday.