Google shares news: Google buying New York Chelsea Market Building

Google shares closed higher Tuesday, but could open in the red Wednesday, as reports suggest the tech giant is in the process of buying a New York Chelsea Market building for over $2 billion.

Google shares news: Google buying New York Chelsea Market Building

Google shares ended higher in the US Tuesday, but could move a little lower at the Wednesday open, as the global tech giant is reported to be close to finalising the purchase of a New York Chelsea Market building, in which Google is already the largest tenant.

Google shares closed 2.07% higher at $1,084.43, Tuesday. However, out-of-hours activity currently has the Google stock some 0.40% in the red.

Google real estate purchase

News that Google may be in the process of buying the building for over $2 billion, was published in a report by the Real Deal, citing people familiar with the situation.

The building in question is said to be a 1.2 million-square-foot office-and-retail property at 75 Ninth Avenue and is a mixed retail and office property.

The report added that it wasn’t immediately clear what Google’s plans for the building were. However, initially, the situation with tenants and agreements is likely to remain in place, it said.

Google’s current New York headquarters is located across the road from its reported intended purchase.

Ex-Google staff in Truth about Tech campaign

As Google continues with investment plans and the growth of its global tech business, a group of former Google, Facebook and Apple employees have come together with Common Sense, to create a campaign to protect people from harmful and addictive tech.

The campaign has been launched to put pressure on tech businesses to make their most potentially harmful products less intrusive and addictive.

"Tech companies are conducting a massive, real-time experiment on our kids, and, at present, no one is really holding them accountable," said James P. Steyer, CEO and founder of Common Sense, who is part of the campaign.

“It's time to hold tech companies accountable for their efforts designed to target and manipulate young people,” Steyer added.

The Truth about Tech will launch its Road Map for Kids Digital Well-Being later Wednesday in a conference in Washington DC.

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