Google Drops More Than $1.8 Billion On Newest New York Office
Google’s next big revenue model? New York City landlord. The search engine just posted on its own blog that it has today sealed the reported >$1.8 million dollar deal to purchase 111 Eighth Avenue in Chelsea, where it already occupiesÂ 550,000 square feet. As part of the deal, Google will be leasing out the building to continuing and new tenants.
“Today, weâ€™re pleased to announce that weâ€™ve closed a deal with the partnership of Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund to purchase 111 Eighth Avenue (also known as 76 Ninth Avenue). As part of the deal, weâ€™ve retained Taconic Management Company to continue the leasing oversight services and management of the building on our behalf, providing the same level of customer service the buildingâ€™s tenants have come to expect. We believe that this is a great real estate investment in a thriving neighborhood and a fantastic city.”
The company also reports that over 2000 Googlers currently work in the building and that the company plans on hiring more to fill up the massive space — At 15 stories and 2.9 million square feet, 111 Chelsea is New York City’s fourth largest office building.