Reuters is reporting that Google are investing over $1 billion in its new UK headquarters.

The company has purchased a 2.4 acre plot of land at Kings Cross Central development in London. Google plans to build a 1-million-square-foot office.

Once the building is complete, the office is estimated to be worth $1.6 billion, according to sources’ close to the company.

The news comes as technology giant Sony announced it would be selling its headquarters in New York for a reported $1.1 billion.

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