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Google Puts Up Cash For Eighth Avenue Building
By
Jen Chung
Published Dec 18, 2010
Modified Dec 18, 2010
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By
Jen Chung
Published Dec 18, 2010
Modified Dec 18, 2010
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Google has reportedly closed on its purchase of 111 Eighth Avenue, the huge, 2.9 million square foot building spanning an entire city block between Eighth and Ninth Avenues and 15th and 16th Streets. The Post reports that the technology company is paying $1.77 billion cash for the building—the "final cost, including transfer taxes and assorted other fees, could be close to $1.9 billion"—and will own it on Wednesday, once the mortgage is cancelled.
Google already takes up 550,000 square feet in the building, whose other tenants include Lifetime, barnesandnoble.com, Nike and Deutsch advertising. The building also has "numerous back-up generators, lots of electrical power, antennas, fiber optics and high-tech facilities available to tenants." Google is interested in being a good neighbor, to—it recently donated $1 million to the High Line project.
The sellers were Taconic Partners, Jamestown and the New York State Common Retirement Fund, and Taconic will reportedly remain the manager. A real estate expert says, "There were a bunch of global investors salivating over the building, but at the end of the day, a corporate user can always pay more than an investor."
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111 eighth avenue
eighth avenue
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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