Google, LinkedIn swap real estate properties in Silicon Valley

Tech giants Google and LinkedIn may be rivals online, but they’re collaborating in the real world on a Silicon Valley land swap.

Google and LinkedIn say they have completed a swap that will give Google LinkedIn’s current headquarters in Mountain View. In return, LinkedIn receives property elsewhere in the city, where it will build a new headquarters.

LinkedIn also is taking over property leased by Google in Sunnyvale. The Silicon Valley Business Journal reports the deal involves 1 million square feet of existing buildings and 2.4 million square feet for development.

A LinkedIn spokesperson says the move will allow the company to consolidate 3,700 employees into a single campus years earlier than planned. A Google spokesperson says both companies are “excited to move forward with our respective development plans.”

google linked deal

Under terms of the transaction, Google and LinkedIn will exchange several leased and owned pieces of property:

  • LinkedIn will acquire ownership of two major large Google properties in Mountain View: 700 and 800 East Middlefield in Mountain View, totaling more than 28 acres and 460,000 square feet of building area. Google spent $250 millionand $33 million, respectively, to acquire them in 2014; the 700 Middlefield site includes the possibility of building 1 million square feet on the site.
  • LinkedIn will also take over Google’s lease of 950 and 1000 Maude in Sunnyvale, the former Palm Computing headquarters that totals 285,000 square feet, near the Middlefield sites and other LinkedIn buildings in Sunnyvale.
  • Google will acquire critical pieces at the entrance to North Bayshore owned by LinkedIn, including the Lester Industrial Park (former Gold’s Gym) where LinkedIn planned to build Shoreline Commons. LinkedIn paid a total of $97.3 million to buy them in 2014 and 2015. ( Google also acquires the option to buy the Sports Page property at 1431 Plymouth.) And — crucially for Google — LinkedIn got the City Council’s blessing for 1.4 million square feet of office space there.
  • Google also will take over LinkedIn’s lease for 370,000 square feet on Stierlin Court in Mountain View’s North Bayshore, one of the few pieces of real estate Google didn’t control near its headquarters.

Source: bizjournals.com

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