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

FILE PHOTO: A logo is seen on the New York Google offices. New York City, U.S., July 29, 2021. REUTERS/Andrew Kell

(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.