By Meghan Hall
Google’s continues to show its commitment to the Diridon Station area of San Jose and has formally acquired 56 properties for $191.5 million in a deal that closed on August 15th. TC Agoge Associates, an affiliate of developer Trammell Crow, sold the properties to Google in 29 transactions. TC Agoge Associates was formed by Trammell Crow in 2017 to acquire properties on behalf of Google beginning in January 2017.
The deal was first reported by The Mercury News, who stated that Google paid TC Agoge Associates exactly what it had paid to acquire each property. Google has now paid more than $386.8 million to buy land around the Diridon Station area, where it plans to develop a transit-oriented community that is expected to bring 20,000 jobs to the area.
The properties acquired in the deal included offices, commercial buildings, industrial parcels, single-family homes, the site of the Kearney Foundry and Pattern Works, among others. In June, Google purchased San Jose’s Fire Department Training Center, also near Diridon, for $41.2 million. At the end of 2018, Google also moved to purchase several sites from the San Jose Redevelopment Agency, which totaled about 6.3 acres and cost Google $67 million.
The latest transaction isn’t the first in which Google has partnered with a developer or brokerage firm in order to acquire numerous parcels of land. In July of 2017, Google took ownership of 52 parcels in Sunnyvale that Los Angeles-based CBRE Global Investors had accumulated for the firm over the course of a few years on its behalf. The total value of the properties at the time of the transfer was $820 million. According to previous reporting by The Registry, the tech giant had found sellers often adding a premium to the sales price of their property, and thus worked with CBRE Global Investors to acquire assets on their behalf.