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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
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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URL to article: http://www.squarefeetblog.com/commercial-real-estate-blog/2010/10/27/google-angling-to-buy-2b-nyc-office-building/
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 111 Eighth Avenue: http://www.111eighth.com/
 Taconic Investments: http://www.taconicinvestments.com/portfolio/1118th_ave.html
 Image: http://www.squarefeetblog.com/wp-content/uploads/2010/10/111-8th-Ave.jpg
 NY Post: http://www.nypost.com/p/news/business/google_big_buy_LnX2C7z2P4xYYFjlDNk96L#ixzz13YpueqGH
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