YouTube Lands 550k SF San Bruno Office Park
Google paid $215M for the 554k SF Bayhill Office Center in San Bruno for its YouTube division, signaling plans for major growth.
The office park is next to YouTube's San Bruno headquarters (shown above), which Google bought for the division last year. YouTube is San Bruno's largest private employer, according to the Silicon Valley Business Journal.
Hudson Pacific Properties, which acquired the property in last year's Equity Office buy from Blackstone, was the seller in the off-market transaction. Hudson Pacific had assigned a $187.3M value to the property when it acquired the $3.5B Blackstone portfolio (one of the Bay Area's biggest stories last year).
The Bayhill Office Center is full, and it's unclear when YouTube might start moving into the space. [SVBJ]