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Google buying its Mountain View, Calif., property

Elinor Mills Former Staff Writer
Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service and the Associated Press.
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Elinor Mills

Google is buying the property where its headquarters sit for $319 million, according to a filing released Wednesday by the U.S. Securities and Exchange Commission.

Google entered into a purchase agreement on Friday to acquire the title to more than 978,000 square feet of land in Mountain View, Calif. It had been subleasing office space at the property from SGI, which recently filed for Chapter 11 bankruptcy protection.

The purchase of the property is subject to a court approving SGI's bankruptcy and to approval by the city. If SGI's bankruptcy goes through, Google says it expects the transaction to close no later than the end of June.

Google also will also have to pay $140,000 a month to the city of Mountain View under a "ground lease" for the property at 1600 Amphitheatre Parkway, as well as $175,000 a month for property on Crittenden Lane, the documents said.