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Google's new $1.9 billion investment: An NYC building
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The following comments relate to this news article:
article published on 22 December, 2010
Google has announced today the completion of their purchase of 111 Eighth Avenue in Chelsea, valuing the property at $1.9 billion.
The property is 2.9-million-square-feet and is the biggest deal in 2010 for a single building purchase in the U.S.
Google currently occupies 500,000 square feet in the building, and shares the space with Nike, Lifetime cable, WebMD and many telecoms.
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Senior Member
2 product reviews
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23. December 2010 @ 01:36 |
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I know Google has huge cash reserves but it still amazes me when I see them spend a portion of it.
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ps355528
Senior Member
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23. December 2010 @ 01:38 |
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oh ozzy binliner where art thou? .. what the hell is with these companies wanting to be in the middle of these overcrowded overpriced cities? .. moronic.. doesn't benefit anybody at all..
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Senior Member
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23. December 2010 @ 01:55 |
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Originally posted by ps355528:
oh ozzy binliner where art thou? .. what the hell is with these companies wanting to be in the middle of these overcrowded overpriced cities? .. moronic.. doesn't benefit anybody at all..
It will benefit how ever many additional people they hire because of them buying the building.
As for it being overpriced, sure that building is expensive but with a net income of $6.5 billion in 2009 alone (according to their SEC filing, here) Google can easily afford it.
"The only people who should buy Monster cable are people who light cigars with Benjamins." - Gizmodo
This message has been edited since posting. Last time this message was edited on 23. December 2010 @ 01:55
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Staff Member
4 product reviews
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23. December 2010 @ 12:32 |
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Originally posted by Pop_Smith:
Originally posted by ps355528:
oh ozzy binliner where art thou? .. what the hell is with these companies wanting to be in the middle of these overcrowded overpriced cities? .. moronic.. doesn't benefit anybody at all..
It will benefit how ever many additional people they hire because of them buying the building.
As for it being overpriced, sure that building is expensive but with a net income of $6.5 billion in 2009 alone (according to their SEC filing, here) Google can easily afford it.
GOOG has $33 billion in cash, and that's after all the purchases they made this year.
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Senior Member
2 product reviews
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23. December 2010 @ 12:47 |
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Originally posted by DVDBack23:
GOOG has $33 billion in cash, and that's after all the purchases they made this year.
The Wikipedia entry of purchases made by Google this year lists 24 acquisitions but only has dollar amounts on 10 of them. The total is $1.253 billion and does not include this building purchase.
That, along with the fact that they have $33 billion after spending more than $1.25 billion, is awesome and insane at the same time.
"The only people who should buy Monster cable are people who light cigars with Benjamins." - Gizmodo
This message has been edited since posting. Last time this message was edited on 23. December 2010 @ 12:49
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ElTwo
Newbie
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23. December 2010 @ 16:04 |
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Maybe they need the space for the employees they already have, and see it as a better economic decision to be the landlord rather than pay rent to someone else.
They must know something about economics.
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Staff Member
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23. December 2010 @ 23:18 |
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Originally posted by Pop_Smith:
Originally posted by DVDBack23:
GOOG has $33 billion in cash, and that's after all the purchases they made this year.
The Wikipedia entry of purchases made by Google this year lists 24 acquisitions but only has dollar amounts on 10 of them. The total is $1.253 billion and does not include this building purchase.
That, along with the fact that they have $33 billion after spending more than $1.25 billion, is awesome and insane at the same time.
Apple's got $52 billion :o
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Senior Member
2 product reviews
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24. December 2010 @ 00:27 |
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Originally posted by DVDBack23:
Apple's got $52 billion :o
With the success of the iPod and the record selling of Macbooks (as a result of the iPod, really) I'm not surprised. They don't discount their products at all (or extremely little) despite producing, and selling, millions of them.
"The only people who should buy Monster cable are people who light cigars with Benjamins." - Gizmodo
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Staff Member
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24. December 2010 @ 00:57 |
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Originally posted by Pop_Smith:
Originally posted by DVDBack23:
Apple's got $52 billion :o
With the success of the iPod and the record selling of Macbooks (as a result of the iPod, really) I'm not surprised. They don't discount their products at all (or extremely little) despite producing, and selling, millions of them.
And finally..(ill shut up now)...the eye popper:
http://www.businessinsider.com/the-apple-investor-dec-20-2010-12
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