A joint venture between Starwood Capital Group and Blackstone Group has sold six office buildings in the Pacific Shores Center office park in Redwood City, California for $585 million. Google said in its quarterly report that it bought land and buildings but provided not additional information about the transaction. "We expect to continue to hire aggressively for the remainder of 2014," Google said in the filing. "Acquisitions will also remain an important component of our strategy." Additionally, the filing also revealed that the company committed to nearly $1 billion in office lease agreements through 2028.
Starwood Capital bought Pacific Shores Center in December 2006, near the height of the commercial-property market, from its developer and Walton Street Capital, and immediately resold two of the buildings, according to a Bloomberg report. Starwood Capital paid about $833 million in the deal, its first office acquisition in the San Francisco Bay area.
Councilwoman Rosanne Foust, who also heads the San Mateo County Economic Development Association (SAMCEDA), said she thinks Google will be an excellent partner with the city, its schools and community much as it has in Mountain View and similar to how Redwood Shores' Oracle has participated with money and volunteerism. "Google is an iconic company. It is a very community-oriented company and there is the potential for it to be a real partner with Redwood City," she said.
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