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Google to buy $2 billion Manhattan city block?

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Google to buy $2 billion Manhattan city block? Empty Google to buy $2 billion Manhattan city block?

Post by 3loomi Thu Oct 28, 2010 9:05 pm

A report today says that Google is in the final stages of acquiring the huge building which it currently rents in Chelsea.
Google to buy $2 billion Manhattan city block? Picture-79


111 8th Ave. via 1118thave.com


The New York Post is reporting that Google is close to acquiring the 111 8th Ave. buildingit currently rents for approximately $2 billion. The 18-story Chelseagiant is almost three million square feet of space and covers an entirecity block, between Eighth and Ninth avenues from 15th and 16thstreets. It is listed as the third largest building in Manhattan by square footage.
Google (GOOG)currently only rents (550,000 square feet) a fifth of the building, therest is taken by by such high profile clients as Nike, Armani andadvertising agency Deutsch.
It isn't certain what Google's long term plans are for the 111 8thAve; whether it wants to be a Manhattan landlord or if it plans to growout its New York presence to five times its current size.Google also currently rents space across the street in the Chelsea Market.
The 111 8th Ave. building is currently owned by Taconic Investment Partners and Jamestown Propertiesand was purchased in 2004. The $690/sq. ft. price that Google issupposedly paying is less than half of what the building would havefetched pre-recession.



Google to buy $2 billion Manhattan city block? 111-8ave-big-470





Although the building was built in 1932, itsuits Google's connectivity interests well. It currently houses aTelx ISP facility, which makes it one of the most connected buildingsin the world. It also has subterranean parking and subway access viathe A, C and E line.


Tags: Manhattan, Google, 111 8th ave. NEw York
3loomi
3loomi

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تاريخ التسجيل : 2010-09-01

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