Google recently paid an estimated $131 million to acquire property that will become its new Boulder campus. The technology giant purchased the property from Forum Real Estate Group. Google says that the purchase demonstrates its commitment to the city of Boulder. According to the company's lead representative in Boulder, Google values the talent base in Boulder, the community and the quality of life.
Forum Real Estate Group began construction at the campus in 2015, which is located on Pearl Street in Boulder. The first two buildings constructed offer 100,000 square feet of space with room enough to house a total of about 1,000 employees.
Initially, Google planned to simply lease the buildings, but later the company chose to purchase the buildings outright. When construction is done with the first two buildings, Google doesn't expect to fill them completely. However, if it does, there's room on the property for an additional new construction.
According to the warranty deed from Sept. 8, Google purchased the property for $130.9 million. In addition, Google previously bought a piece of land next door for $7 million in January 2016.
This massive property purchase by Google no doubt required a lot of legal precautions before it could be completed. Whenever a large piece of commercial real estate property is acquired, the purchaser will want to negotiate a fair price for the property, review the purchase documentation, ensure that the deed to the property is clean and investigate whether the property is appropriately zoned for the intended purposes. With the assistance of an experienced real estate lawyer, Colorado property buyers can carry out these tasks in a way that limits the chance of future legal problems.
Source: Denver Business Journal, "Google buys Boulder campus for $130 million," Molly Armbrister, Sep. 21, 2017