Google is “teaming up” with Ivy League school Cornell. Teaming up may overplay things a bit but Google will provide 22,000 square feet of its New York City headquarters to a new venture that the school is undertaking.
Officials at Google estimated the market value of the space— which will be provided free to CornellNYC Tech, a joint venture between Cornell University and Technion-Israel Institute of Technology—at between $10 million and $12 million. That estimate includes the value of an option the school has to expand to 58,000 square feet during the next 5½ years while work on its permanent campus is completed.
Very generous, wouldn’t you say? Of course that kind of money is small stuff to Google but its effort to boost the presence of New York City vs. the Silicon Valley is an interesting play indeed.