Alphabet Inc.
’s
GOOGL
Google has acquired a new plot near Seattle with an aim to build a new campus there.
The plot is close to its existing campus in Kirkland, WA. We believe that the developments will enable it to carry on its new growth initiatives.
The most recent purchase is in line with the company’s strategy of actively snapping up properties and expanding its presence in the region.
Property Expansion Continues
The company has spent billions in property acquisitions over the past few years. In July, Google bought a piece of land at Kirkland Urban for $40 million.
Earlier Google had announced its plans to invest $1 billion to build a new campus in New York.
Also, Google had agreed to pay $110 million to buy more than 10 acres in the city of San Jose as part of its expansion plans. The company also bought the Chesapeake Commons office park in Sunnyvale last year.
Google has not kept its eyes only on Silicon Valley. In fact, it has been making purchases outside of Silicon Valley as well. Earlier this year, the company spent $2.4 billion to buy New York City’s Chelsea Market.
Bottom Line
Seattle is the tech business hub of the United States with world-class technology talent.
As a result, large tech companies such as
Facebook
FB
, EMC, eBay,
Microsoft
MSFT
and
Amazon
AMZN
have set up offices in the region.
Recently, Facebook bought and leased space at a new development called the Spring District in Bellevue. Also, this September, Amazon signed new leases in Bellevue and plans to create 25,000 jobs there.
The new expansion is Google’s latest effort to expand its presence in the fast-growing Seattle and make the most out of it.
Zacks Rank and Stock to Consider
Currently, Alphabet carries a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
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