Google Signs its Biggest Real Estate Deal Yet
Google has officially closed its biggest real-estate deal yet, as the search giant has bought the 111 8th Avenue building in Manhattan’s Chelsea neighborhood for an undisclosed sum. The deal is reportedly the largest single asset sale of its kind this year, which is no wonder, considering the building stretches 18-stores high and almost 3M square feet, occupying an entire city block.
“As part of the deal, Google has retained Taconic Management Company to manage the current tenants in the building, which include advertising agency Deutche, Barnes and Noble (BKS), Nike (NKE), WebMD, Sprint (S) and Armani.”
After Google first introduced itself to 11 Eighth Avenue in 2006 it now employs over 2,000 tenants in the building, which was originally purchased by Taconic Investment Partners 12 years ago in Jan 1998. Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund has renovated the building for $68 million – which is a good indicator of the possible sum for which it was sold to Google – to overhaul the elevators system, lobbies, corridors, power plants and delivery system.
Google was represented by Stephen Siegel, William Shanahan, Darcy Stacom, and Robert Sorin, as the sellers were represented by Doug Harmon.
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