111 8th Ave. via 1118thave.com
The New York Post is reporting that Google is close to acquiring the 111 8th Ave. buildingitcurrently rents for approximately $2 billion. The 18-story Chelseagiantis almost three million square feet of space and covers an entirecityblock, between Eighth and Ninth avenues from 15th and 16thstreets. It is listed as the third largest building in Manhattan by square footage.
Google (GOOG)currentlyonly rents (550,000 square feet) a fifth of the building, therest istaken by by such high profile clients as Nike, Armani andadvertisingagency Deutsch.
It isn't certain what Google's long term plans arefor the 111 8thAve; whether it wants to be a Manhattan landlord or ifit plans to growout its New York presence to five times its currentsize.Google also currently rents space across the street in the ChelseaMarket.
The 111 8th Ave. building is currently owned by Taconic Investment Partners and Jamestown Propertiesandwas purchased in 2004. The $690/sq. ft. price that Google issupposedlypaying is less than half of what the building would havefetchedpre-recession.
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Althoughthe building was built in 1932, itsuits Google's connectivity interestswell. It currently houses aTelx ISP facility, which makes it one of themost connected buildingsin the world. It also has subterranean parkingand subway access viathe A, C and E line.
Tags: Manhattan, Google, 111 8th ave. NEw York