January 20, 2016
Two deals confirmed this week reveal no stopping Google Inc.’s explosive growth and expansion in Silicon Valley. The biggest is a massive $215-million acquisition for YouTube, near the division’s San Bruno HQ.
The video-streaming media giant bought Bayhill Office Center, a 554,328-square-foot office park, from Hudson Pacific Properties, which acquired the five-building campus last year from Blackstone’s Equity Office unit.
The second deal is an $18-million acquisition of Essex Property Trust’s former HQ in Palo Alto’s East Meadow district. Two-office buildings total more than 32,000 square feet, and were acquired in the same business park where Google bought 10 light-industrial buildings in 2013.
The fury of Google’s acquisition activity is seen as a move to prepare for continued company growth, and will likely force tenants at the nearly fully-occupied Bayhill park to seek space elsewhere.