Here are the most expensive office investments of 2021 so far

• Google has inked a $2.1 billion deal for a New York City building, making it the largest office deal in the U.S. since 2018
• Tech companies like Apple, Facebook, and Oracle are investing heavily in real estate
• Offices aren’t only on the coasts; Nashville and Austin are other hotspots

Remote workers may think that the office is dead, but companies are thinking otherwise.

A slew of big office real estate splashes show growing evidence for the latest argument for the office: Office space isn’t dead.

Google announced Monday it is paying $2.1 billion for a New York City building in the largest American office deal in four years. The company has a deal for the St. John’s Terminal’s 1.3 million-square-foot building in the Hudson Square neighborhood of Manhattan, which expands its in-person presence in the Big Apple. The company anticipates adding at least 2,000 more employees to its 12,000 already in New York.

Facebook, Amazon are also investing in office real estate

Google isn’t the only tech titan snatching up big properties in big-money deals since the pandemic began last year. Amazon inked a reported $1.15 billion purchase of the former Lord & Taylor Building in Midtown last year, while Facebook signed a lease for 730,000-square-foot office space at the James A. Farley Building, the historic old post office space near Penn Station, in August 2020.

These moves suggest while some companies weigh the purpose of office spaces in the age of pandemic-related remote working, others see it as a new opportunity to expand their footprint.

It’s not only happening in Manhattan — it’s happening across the U.S.

Costco buys space in Orlando, Oklahoma City

In May, big-box retailer Costco bought roughly 70,000 square feet in office space in Orlando, Florida, for its logistics company, according to the Orlando Business Journal. The Seattle-based company spent $16 million for the SouthPark Center space, which is Orlando’s largest office park at 1.7 million square feet.

Costco also purchased the former Hertz office building in Oklahoma City last year. The purchase of the 234,000-square-foot building reportedly helped keep Oklahoma City’s office market from tanking.

Apple invests heavily in Austin

Apple first established its Texas footprint in 1992, when it opened its first Austin office. In April, the iPhone marker said it will debut its $1 billion office campus in northwest Austin sometime in 2022. That deal, which includes a 133-acre campus, was announced in 2018.

However, Apple recently purchased a West Austin office building for a reported $140 million from Germany-based GLL Real Estate Partners, the Austin Business Journal reported. The deal is for a seven-story, 217,00-square-foot building. Apple currently has around 7,000 workers based in Austin and is expected to add 5,000 employees when its new campus opens.

Kilroy Realty splashes $490 million for Seattle tower

Los Angeles-based real estate firm Kilroy Realty purchased a 28-story office tower in Seattle’s Denny Triangle, according to the Seattle Times. The deal — reportedly for $490 million — is a substantial investment in Downtown Seattle and a bet that work and urban offices will remain in a post-pandemic world.

The building, at 2001 Eighth Ave., currently houses Amazon, which leases around 70% of the space, according to the report.

“We believe the Denny Regrade submarket continues to be extremely well positioned for strong rental growth over the coming years and West 8th, which offers an unrivaled location, will help deliver solid earnings growth and value creation for our shareholders,” Kilroy CEO John Kilroy said in a statement.

Oracle tabs Nashville for rocking new campus

In April, the city of Nashville, Tennessee, announced that Oracle plans to build a new campus with 1.2 million square feet of office space. Oracle would bring 8,500 jobs and a $1.2 billion investment to Nashville in what would be the largest developmental deal in Tennessee history. The proposed $1.2 billion campus would create a 60-acre office hub.

Tennessee approved $65 million in state incentives for Oracle in August in order for Oracle to move its headquarters from California to Nashville.

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