Google is leasing the former headquarters of Palm Computing in Sunnyvale, bringing up its square footage in the city to more than 1 million square feet. What Google might be planning isn't known.
The two-building, 285,000-square foot property brings Google's holdings in the city to well over 1 million square feet, and it has more leases around the Bay Area, according to the Silicon Valley Business Journal.
Palm, maker of the PalmPilot, had a market cap of $54 billion in 2000 before being sold to Hewlett-Packard for $1.2 billion in 2010. It was then shut down completely.
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Google dealt with Deutsche Bank, not HP, and terms of the deal weren't disclosed for the property "south of 101" in Sunnyvale's Peery Park. Google is currently expanding all over Silicon Valley and there's a reason.
"They're in everything from longevity research to self-driving cars. They've got wearables growing. Their drone business could take off. Robotics could be bigger than PCs and smartphones combined and squared. A lot of these things they're going into are high growth, and if they take off, Google is expanding ahead of that," tech analyst Rob Enderle told the business journal.
All that research and development needs employees and space, so Google is leasing and buying to build its future. It's a better plan than being overcrowded and desperately looking for a place to move.