Google Buys Manhattan Building
The 18-story, 2.9-million-square-foot property at 111 Eighth Avenue, which covers an entire city block, between Eighth and Ninth avenues from 15th to 16th streets, is listed as the third largest building in Manhattan by square footage, Fortune reports. The Chelsea-neighborhood building is occupied with tenants like Nike (NKE), the Lifetime cable channel, and many telecommunication companies, according to the Journal. Google offices are in about 500,000 square feet of the building.
It's unlikely the deal will fall apart, the sources told the Journal, because Google has put down a large deposit, and the contract is binding. The seller of the property is a group that includes the New York State Common Retirement Fund, real-estate investment company Jamestown and Taconic Investment Partners LLC.