With 100,000 SF Lease, Architectural Gem in L.A. to be Focus of New Google Campus
- Feb 09, 2011
February 9, 2011
By Barbra Murray, Contributing Editor
Google Inc. will be watching. The internet search engine giant will have a new Los Angeles campus with a fancy face, courtesy of a 100,000-square-foot office lease agreement with W. P. Carey & Co. L.L.C. — and that face has eyes. The lease involves a three-structure, class A complex, the centerpiece of which is the famed Frank Gehry-designed Binoculars Building at 340 Main St. in the trendy beach town of Venice.
Linking two other buildings, the Binoculars Building, developed in 1991 as the headquarters for legendary advertising agency Chiat/Day, is not your typical office facility. Celebrated public installation artists Claes Oldenburg and Coosje van Bruggen sculpted the eye-catcher’s striking three-story ocular façade. Former tenant Chiat/Day sold the building in 1994 in a sale-leaseback arrangement, the lease portion of which expired in September 2010.
The new lease deal will allow for the expansion of workspace for Google, which will relocate from its current offices in the neighboring and equally, if not slightly more coveted beach community of Santa Monica.
Google is in major growth mode and its expansion plans extend well beyond West Los Angeles. Last month, news emerged that the company would lease an additional 70,000 square feet at the Bakery Square development in suburban Pittsburgh, bringing its total occupancy at the location to 115,000 square feet. And in preparation to accommodate future needs, Google acquired its New York City headquarters building, the 2.9 million square-foot property at 111 Eighth Ave. where the company is the largest tenant, for approximately $1.9 billion in December in what marked 2010’s biggest non-portfolio commercial real estate deal in the U.S. Additionally, Google has plans to develop a 1.2 million square-foot office and R&D compound on 42 acres of leased land in NASA Research Park at Ames in Mountain View, Calif., Google’s hometown.