Google Buys HQ for $319 Million

Google says that it plans to buy the "Googleplex," its 978,000 square feet campus located in Mountain View, Calif. Valued at $319 million, the land grab includes the search giant's existing headquarters, which it had previously rented, and nearby buildings once belonging to the now bankrupt Silicon Graphics. Google's purchase was disclosed in a filing with the Securities and Exchange Commission on Wednesday.

The company said the expansion was necessary in order to accommodate its growing work force. Google's staff has doubled in size in the last year, and the company says it continues to take on new projects that will require it to expand further. Google has put $10 million into escrow for the property and expects the transaction to close June 30, pending approval of the SGI deal by the bankruptcy court.