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Google Angling to Buy $2B NYC Office Building

Posted By squarefeet On October 27, 2010 @ 7:13 am In Commercial Finance and Lending,Notable Deals | 6 Comments

Tweet [1]

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 [2]. 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 [3] 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.

111 8th Ave Google Angling to Buy $2B NYC Office Building [4]

[via NY Post [5]]

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6 Comments (Open | Close)

6 Comments To "Google Angling to Buy $2B NYC Office Building"

#1 Comment By Galvin On December 13, 2010 @ 7:01 pm


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.

#2 Comment By Joe On May 7, 2011 @ 4:36 pm


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.

#3 Comment By squarefeet On May 9, 2011 @ 10:13 am


Done deal.

#4 Comment By Thach Nguyen On May 27, 2011 @ 10:04 am


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

#5 Comment By REIT On July 13, 2011 @ 4:25 pm


Did this go through?

#6 Comment By Skinner Development On May 17, 2012 @ 8:08 pm


I could picture them building a spaceship pad on top of there.

Article printed from Square Feet: http://www.squarefeetblog.com

URL to article: http://www.squarefeetblog.com/commercial-real-estate-blog/2010/10/27/google-angling-to-buy-2b-nyc-office-building/

URLs in this post:

[1] Tweet: https://twitter.com/share

[2] 111 Eighth Avenue: http://www.111eighth.com/

[3] Taconic Investments: http://www.taconicinvestments.com/portfolio/1118th_ave.html

[4] Image: http://www.squarefeetblog.com/wp-content/uploads/2010/10/111-8th-Ave.jpg

[5] NY Post: http://www.nypost.com/p/news/business/google_big_buy_LnX2C7z2P4xYYFjlDNk96L#ixzz13YpueqGH

[6] Swiss Bank Privacy Under Attack; Singapore Banking Likely Beneficiary: http://www.squarefeetblog.com/commercial-real-estate-blog/2008/07/01/swiss-bank-privacy-under-attack-singapore-banking-likely-beneficiary/

[7] Boston Properties, Goldman Sachs Acquire GM Building; Macklowe Son To Take Over: http://www.squarefeetblog.com/commercial-real-estate-blog/2008/05/28/boston-properties-goldman-sachs-acquire-gm-building-macklowe-son-to-take-over/

[8] Google Puts An Additional 128,000 Square Feet Up For Sublease In Mountain View: http://www.squarefeetblog.com/commercial-real-estate-blog/2008/12/10/google-puts-an-additional-128000-square-feet-up-for-sublease-in-mountain-view/

[9] GS Whitehall Funds Down to Last $30M … From $1.8B!: http://www.squarefeetblog.com/commercial-real-estate-blog/2010/04/16/gs-whitehall-funds-down-to-last-30m-from-1-8b/

[10] Yahoo Cuts a Deal with Google: http://www.squarefeetblog.com/commercial-real-estate-blog/2008/06/12/yahoo-cuts-a-deal-with-google/