If real estate is all about location, location and location, then Google (Nasdaq: GOOG) decision to occupy a 13,465-square-foot office in Beverly Hills means that it's serious about being in close proximity to an industry that would provide the content to build a new video entertainment business.
According to the Hollywood Reporter, Google plunked down $6.3 million for an 11-year lease for the city-owned property, marking its second foray into the L.A. area real estate market. In January the search site with entertainment aspirations leased more than 100,000-square-feet of space at three facilities in Venice.
The deals indicate that Google wants to physically reshape its techie image by being close enough to mix and mingle with the entertainment mogul types in LaLa land. So far, there's no mention of any property investments in Philadelphia, incidentally.
For more:
- the Hollywood Reporter has this story
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