Google Lends Space for CornellNYC Tech’s Temporary CampusBy: Drew Bowling - May 21, 2012
Google not only provides decent internet search, reliable email, wacky self-driving cars, and augmented reality specs, but now it’s in the real estate business. Mashable reported today that Google is loaning out 22,000 feet of its New York City office building to CornellNYC Tech while the school’s campus on Roosevelt Island is constructed.
NYC Mayor Michael Bloomberg and Google CEO Larry Page spoke today at a press conference to announce the deal. So not only do CornellNYC Tech students basically get to go to school at Google, but Google’s not even going to charge the school rent to use the offices for the entire five and a half years that it will take to build the school’s actual campus. Page said that the value of the office space that the school will be using is about $10 million, which is a little surprising it’s not higher given New York’s famously exorbitant real estate market.
Towards the end of 2010, Google purchased the office building at 111 Eighth Avenue for $1.9 billion, a sale that was deemed the most expensive purchase of a single building in the United States for that entire year. The full area of the building is 2.9 million square feet, so Google will probably not even notice that the CornellNYC Tech students are there.
The Google office space should be properly renovated in order to accommodate classes for the upcoming fall semester.