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Google to Buy Chelsea Office Building for $1.8 Billion

By DNAinfo Staff on December 3, 2010 10:47am  | Updated on December 3, 2010 12:17pm

By Jennifer Glickel

DNAinfo Reporter/Producer

CHELSEA — Google signed a contract on Thursday to purchase the building that houses its New York offices for more than $1.8 billion, according to published reports.

The office building at 111 Eighth Avenue between 15th and 16th Streets, a block from Chelsea Market, has 2.9 million square feet of space, making it more spacious than the Empire State Building. Google currently has about 500,000 square feet of office space there, according to the Wall Street Journal.

While the Chelsea building is located south of the traditional Midtown office district, it houses several notable tenants like Nike, Lifetime television, and barnesandnoble.com, according to the New York Times.

Google signed a contract to purchase 111 Eighth Avenue on Thursday.
Google signed a contract to purchase 111 Eighth Avenue on Thursday.
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The deal to buy the building was the largest transaction for a single building in the United States this year, outlets reported.

"You can't get a stronger vote of confidence for the strength of the New York office market," Real Capital Analytics managing director Dan Fasulo told Bloomberg News.

"When one of the most prestigious modern corporations makes a bet on your marketplace, it's not just a bet on your real estate, but in New York as a place to retain and attract the best talent."