Google officially purchases massive building in New York
Google now has a permanent home in Manhattan.
The Internet search giant completed its purchase of an 18-story building that covers an entire New York city block with almost 3 million square feet.
The terms and amount of the sale were undisclosed in a press release by the building’s seller, but it did indicate that "the deal is reported to be the largest single-asset sale in the entire U.S. in 2010 and the largest ever acquisition by a tenant/user."
The Times reported in October that the deal may be valued around $2 billion. At that price, Google would be paying nearly $700 per square foot -- a boost for New York’s real estate market, where sales have ranged around $400 to $500 per square foot in recent years.
Before the sale, Google rented about 550,000 square feet for its 2,000 employees in the building. The property at 111 8th Ave. is considered a trophy address for the top tech, entertainment, fashion and media companies in New York.
-- W.J. Hennigan
Photo: New York property at 111 8th Ave. Credit: Taconic Investment Partners LLC