Google Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) has leased additional space in the former Fulton Market cold storage building, adding approximately 105,000 square feet. The company is planning to move into its new office there by early 2016, but has not yet revealed the exact size of the expansion, says a report from Chicago Business.
Google plans for future
The addition of the extra space will bri ng Google’s total space in the building at 1000 W. Fulton Market to about 357,000 square feet, according to people familiar with Google’s plans.
Google’s 150,000-square-foot home at 20 W. Kinzie is now unable to accomodate 500-plus employees. In June, the company announced plans to lease about 200,000 square feet in the new building.
Last year, Google Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) added around 52,000 square feet to its office space. It is widely believed that the search engine giant is expanding office space to avoid the situation of lack of room in the future, just like it did in River North, rather than an indication of a hiring surge.
“This is for natural, long-term planning,” the Google spokeswoman said. “We want to be able to accommodate any growth in the future.”
Kyle Kamin, an executive vice president at Los Angeles-based CBRE Inc, closed the leasing agreement on Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL)’s behalf. CBRE Senior Vice President Chris Cassata and Vice President Chloe Reaumond of Sterling Bay Cos., the developer of the building, represented the landlord.
A popular location
A leasing brochure for Sterling Bay noted that together with the 70,000 square feet for the headquarters of the bike gear maker SRAM International Corp, around 92% of the office space from a total of approx. 550,000 square foot structures is now leased. The only space remaining for lease is 35,000 square feet.
On the ground floor, around 8000 square foot has been taken on lease by Armour & Swift, collaboration between Boka Restaurant Group and B. Hospitality. Brendan Sodikoff, the restaurateur affirmed that he is concluding the deal to put a Doughnut Vault there as part of a plan to add up to a dozen locations in Chicago.
On Tuesday, Google shares with the ticker GOOGL closed up 0.29% at $540.39 while shares with GOOG ticker closed up 0.17% to $529.77.