A new article from the New York Post reports that Google is considering an incredibly large buy-in to the Chelsea neighborhood of New York City at a$2 billion price tag, a transaction that would value the property at $690 per square foot. The trophy building at 111 Eighth Avenue is only 18 stories tall but boasts 2,950,000 square feet of office space making it the second largest building in New York City. Google already leases over 550,000 square feet of the property with other tenants includig Nike, Sprint, WebMD, CCH Legal, Deutsch Advertising and Armani Exchange.
Taconic Investment Partners originally acquired 111 Eighth Avenue in January 1998 as part of a portfolio of assets that also included 95 and 99 Wall Street and 100 William Street. The company has since deployed a $50 million capital improvement program that overhauled vertical transportation, lobbies, common corridors, power plants and fuel delivery systems.
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