The Silicon Valley Business Journal reports that YouTube has just bought a new office part close to its existing headquarters in San Bruno, California.
The Bayhill Office Center is 553,328 square feet and includes five buildings. YouTube paid $215 million for the property, which equates to $388 per square foot, from Hudson Pacific Properties, which itself bought it from Blackstone Equity Office last year.
Current tenants in the center include Walmart Labs, Oracle, as well as a selection of smaller companies. Google, the owner of YouTube, hasn’t yet made its plans for the space clear, but has said previously that while it appreciates its tenants it needs the space it buys for its own growth.
“We like all our tenants, but we need the space. The reality is that virtually everything we’ve bought ultimately has the goal of occupancy, not as an investment”, Google Project exec Jay Bechtel stated last October.
The expansion of YouTube in San Bruno demonstrates that the firm is continuing to grow at quite a pace. It remains to be seen what the space will be used for, but there are lots of possibilities. YouTube might build a few more studios just like it has already done in places such as L.A.. It could also used the additional space for more staff for its services like YouTube Red, the $10 per month subscription streaming service.
SOURCE: Silicon Valley Business Journal.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.