Oxford announces sale of St. John’s Terminal development to Google for US$2.1 billion

Site to anchor Google’s new 1.7 million-square-foot Hudson Square campus

September 21, 2021

New York, NY

Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder, alongside joint venture partner Canada Pension Plan Investment Board (CPP Investments), today announced that Google has exercised its option to purchase the St. John’s Terminal development that it currently leases for $2.1 billion in Q1 2022.

“This announcement from Google is yet another proof point that New York's economy is recovering and rebuilding. We are creating jobs, investing in emerging industries, lifting up New Yorkers, and together, we are writing our comeback story,” said Governor Kathy Hochul.

“Google's historic investment in New York City marks an enormous step for our recovery," said Mayor de Blasio. "The purchase of St. John's Terminal will ensure New York remains a global leader in technology as well as a place that people are excited to live and work in."

Google’s decision to exercise its option to purchase St. John’s Terminal further builds upon its existing plans to invest more than $250 million this year in its New York campus presence. Google’s 1.7 million-square-foot Hudson Square campus spans three buildings: 315 Hudson Street, 345 Hudson Street and St. John’s Terminal at 550 Washington Street. Google’s spaces in the two Hudson Street buildings are now completed, and the St. John’s Terminal anchor site is expected to open by mid 2023 as the new NYC headquarters for Google’s Global Business Organization.

"New York's energy, creativity and world-class talent are what keep us rooted here and why we're deepening our commitment with plans to purchase St. John's Terminal," said Ruth Porat, Alphabet and Google CFO. "We look forward to continuing to grow along with this remarkable, diverse city."

The St John’s Terminal site was acquired in 2017 by Oxford Properties, the project’s lead developer, and is a joint venture with Canada Pension Plan Investment Board. The 12-story, 1.3 million-square-foot St. John’s Terminal site encompasses two entire city blocks adjacent to Hudson River Park’s Pier 40 and is currently under construction.

“When we acquired the St. John’s Terminal site in 2017, we saw an incredible opportunity to rethink the modern workplace and bring that vision to New York,” said Dean Shapiro, Head of US Developments at Oxford Properties. “From day one of our partnership on the project, it was clear that Oxford and Google’s vision for the future of work were fully aligned. Today showcases our deeply shared commitment to the future of the office, and the great city of New York, as we drive innovation and creativity in the heart of NYC.”

The former freight terminal is being reimagined into a highly sustainable, adaptable and connected building, with its biophilic design adding numerous outdoor open spaces and reconnecting the Hudson Square neighborhood to the waterfront. The building will also offset 100% of its carbon in support of Google’s ambitious carbon goals, in addition to pursuing LEED Platinum and ILFI (International Living Future Institute) Zero Carbon certifications.

“St. John’s Terminal gave us the opportunity to design a healthy, high-performance building for Google that will connect Hudson Square to Hudson River Park with new public greenspaces and pathways, honor

the industrial history of the area, and serve as a model for the sustainable future of New York City," said Rick Cook, Founding Partner of COOKFOX Architects.

As part of investing in its long-term campus footprint in New York City, construction is also proceeding at Pier 57 where Google will occupy about 320,000 square feet of office space. Once completed next year, the site will also include a public food hall, community space, galleries, the city’s largest public rooftop space, and educational and environmental programs run by the Hudson River Park Trust.

Google has had a presence in New York for more than 20 years, with 12,000 full-time employees in the state as Google’s largest office outside of California. The company’s campus investments will provide the capacity to grow its workforce in the city to more than 14,000 employees in the coming years. As part of its previously announced racial equity commitments, Google also plans to continue expanding the number of employees in diverse communities including New York that contribute to a high quality of life for Black+ Googlers.

Google remains focused on helping local communities, organizations and people emerge stronger from the pandemic. Since 2005, Google has provided over $170 million in grant funding to nonprofits in New York. In the Hudson Square neighborhood, the company is supporting the new Jackie Robinson Museum opening next year with a grant to help deliver new educational programming for students. Google also provided grant funding to the Children’s Museum of the Arts to help launch new digital programming for childhood arts education, and to God’s Love We Deliver to offer free nutritious meals and services for those living with HIV/AIDS, cancer and other serious illnesses.

Google also continues to invest in growing the next generation of tech talent and ensuring New Yorkers have equitable access to quality education, training and resources. The company’s Grow with Google programs are helping to create new pathways to in-demand, good paying tech jobs for people most impacted by the pandemic. Through Google’s skilling programs, more than 3,800 New Yorkers have completed a certificate program to date. Google is also working with select CUNY/SUNY Schools to add Google Certificates to their curriculum as part of the SUNY for All free online training program.