Gap Giveth, Google Taketh

Like Yahoo and Microsoft before it, Google is looking to open an office in San Francisco, according to the San Francisco Business Times. The report says Google has agreed to lease 210,000 sq. feet at San Francisco’s Hill Plaza, 345 Spear St, which could house more than 800 employees. Damn, Google on the waterfront:

Under the terms of the blockbuster agreement, Google (NASDAQ: GOOG) would sublease three lower floors at 345 Spear St. from Gap Inc. for about $35 a square foot.

Everyone knows Gap has been in trouble lately, but well, Gap’s loss is Google’s gain. The report says that its only a three-year deal and Google is possibly looking at new office buildings in the south financial district and Mission Bay for the long term.

A Google spokesperson would not comment on the news reports but told us via email:

We have said in the past San Francisco is significant to Google in terms of our users, employees, advertisers and publishers who live there, as well as being a base for recruiting. We will always seek to acquire space as necessary to meet our needs.

Why the new space? Hey with plans to hire hundreds of new employees, they really need to put them some place. And even if a fraction of them are in San Francisco, then they’ll have to hire a whole new fleet of Google buses to ferry them back and forth. Of course, 800 new jobs would mean the company can finally have the political clout to counter the opponents of their citywide Wi-Fi plan.

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