Google mulls offloading another office campus in California - report
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Alphabet's Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has listed for sublease over 182,500 square feet across four buildings at the Foothill Research Center in Palo Alto, California, Co-Star News reported citing listings posted by brokerage Newmark.
The move is the latest by a tech company to cut down its expansive real estate footprint in an effort to reduce expenses, the report.
The sublease listings include the buildings at 4001, 4005, 4009 and 4015 Miranda Ave. The tech giant had initially moved into the office park nearly a decade ago, according to the report.
Google had added over 56,000 square feet via a lease signed with landlord Hudson Pacific Properties in 2020, one of several buildings the company added to its real estate portfolio in the years leading up to the early stages of the COVID-19 pandemic.
Google's latest sublease listing would add to the approximately 1.4M square feet it off-loading in late May in several offices near its headquarters in Mountain View, California, the report added.
A Google spokesperson had recently told CoStar News that, "as we work to ensure that our real estate investments match the needs of our hybrid workforce, we're ending leases for a number of unoccupied spaces."
Like other mega tech companies, Google has been on a cutting spree since the start of the year, reversing a decade-long expansion as demand for its products and services soared and the company had to lease, develop or acquire large areas of space to accommodate its large workforce.
However, the company has responded to increasing economic uncertainty. In January, Alphabet announced its plan to cut about 12,000 jobs.
The Co-Star report noted that even with the listings, Google is still one of the largest commercial tenants in the San Francisco Bay Area. The company's total footprint is over 31M square feet of office and flex space in the region.

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