Google buys Central London building for $1Bn

Tech giant Google has spent $1 billion to buy a central London building where it is currently a tenant. The Central Saint Giles building had been owned by a joint venture between Legal & General Investment Management Real Assets and Mitsubishi Estate London Limited.

Google employs 6,400 people in Britain and is planning to refit the building so it is adapted for in-person teamwork and has meeting rooms for hybrid working, as well as creating more space for individuals.

The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air with a capacity for 10,000 workers at its UK sites, including one being developed in the nearby King's Cross area of London.

"We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development reflects our continued commitment to the country's growth and success," said Ruth Porat, CFO of Google's parent company Alphabet.

Finance Minister Rishi Sunak said, “This investment in jobs from Google is a big vote of confidence in the UK as a world-leading tech hub.”