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Google couldn’t score LinkedIn’s business. But it’s getting LinkedIn’s real estate.
On Tuesday, the two companies announced a large, surprising property swap encompassing over three million square feet of existing and future real estate, including LinkedIn’s corporate headquarters. The companies wouldn’t share financial terms, but they said neither side paid a premium for the properties.*
From Google, LinkedIn is picking up seven buildings, a plan it said will consolidate its staff around its Sunnyvale and Mountain View Calif., offices. The company said the deal is unrelated to its recent Microsoft acquisition.
In return, Google is getting LinkedIn’s Mountain View headquarters office and — far more critical for the internet giant — four different surrounding properties that enable Google to follow through on its ambitious plan for a new, green, crazy-futurist campus.
The Silicon Valley Business Journal has all the deal’s details, if you’re inclined.
But here’s the kernel: Google proposed the aforementioned crazy-futurist campus in early 2015. It was a big deal; the “genius” architect behind it got a magazine cover. Then LinkedIn spoiled the fun: Mountain View’s city council voted last May to cede the property to LinkedIn, blocking Google’s grand vision.
But now the runway for Google is clear.
Update: Here’s a quote from a Google rep about how nice the deal is: “Google and LinkedIn have come to an agreement that will have a direct, positive impact on the ongoing traffic challenges in Mountain View and is beneficial to both of our organizations as well. We're excited to move forward with our respective development plans in our hometown.”
*An earlier version of this article said the deal went through with “no money changing hands,” because that was what was implied earlier. Both companies have to share the financial terms in legal paperwork at some point.
This article originally appeared on Recode.net.
