Google Angling to Buy $2B NYC Office Building

If there wasn’t already enough competition chasing core NYC office product, Google is now apparently in the running as well to acquire the 2.9M square feet office building at 111 Eighth Avenue. The building is only 18-stories tall, making those some outrageously large floor plates.

The price is said to be close to a whopping $2B, or $690 psf.

Several sources said Google was only one of many interested bidders, including local families, real-estate investment trusts, overseas entities from Beijing, Singapore, Chile, Argentina and Israel, along with sovereign wealth funds from the Middle East and Asia.

The property is owned by Taconic Investments in conjunction with others. They acquired it in 1998 as part of a portfolio, and this sale would likely represent an absolutely huge return for them.

[via NY Post]

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Comments

Galvin December 13, 2010

I guess when money is not an issue and your company needs more space, this is the kind of place you can settle into nicely.

Joe May 7, 2011

Any updates on this – did Google close the deal? $2 billion is a drop in the hat for Google, they earned a profit of $8.5 billion in 2010 alone and are sitting on something like $57 billion in assets.

squarefeet May 9, 2011

Done deal.

Thach Nguyen May 27, 2011

I’d like to be the owner of the building that sells it to them

REIT July 13, 2011

Did this go through?

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