Google is on the verge of setting real estate records in New York City by purchasing a whole building in Manhattan for $2 billion.
The company already pays rent for the 550,000 square feet in the building it has hired for its 2,000 employees. If purchased then the building will serve as the eastern headquarters for Google in the United States.
Real estate experts predict that the Google purchase will send real estate prices in New York City souring. The on-going price is $400 to $500 per square foot but the Google purchase could hike it to $700.
The massive building has 2.9 million square feet of space and covers an entire city block in length. According to The New York Post, the company is paying something around $680 per square foot for the building.
However, sources claim that even as Google is looking for a top real estate law firm to represent it, the deal could still fall apart or change.