Google just spent $1 billion to buy property near its Silicon Valley headquarters

Key Points
  • Google paid $1 billion for a new office park in Mountain View, California.
  • It's already the main tenant of the 12 buildings on the 51.8-acre site.
  • The company has now spent almost $3 billion on property in Silicon Valley over the last two years. 
Google employees arriving after bicycling to work at the Googleplex in Mountain View, CA.
Brooks Kraft | Getty Images

Google just made another giant move in its Silicon Valley land grab.

The internet company spent $1 billion on a large office park near its headquarters in Mountain View, California, according to the Mercury News, and has now spent at least $2.8 billion on properties in Mountain View, Sunnyvale and San Jose over the last two years.

In this case, Google is purchasing property that it's already been leasing. The company is the main tenant of the 12 buildings that comprise the 51.8-acre Shoreline Technology Park.

Google declined to comment on its purchase.

Earlier this month, Google agreed to pay an additional $110 million for 10.5 acres for a new campus in downtown San Jose, with the possibility of buying about 11 more acres. The city will vote on the plans in early December.

It's also been a big year for Google property purchases outside of Silicon Valley.

In the first quarter, the company spent $2.4 billion to buy New York City's Chelsea Market. Chief Financial Officer Ruth Porat said that the company favors "owning rather than leasing real estate when we see good opportunities."

As for leases, Google just signed on for a massive new space in downtown San Francisco.

WATCH: Meet the man behind Google Assistant's personality – Ryan Germick

Meet the man behind Google Assistant's personality