The 1.2 million-square-foot office-and-retail property at 75 Ninth Avenue is home to the popular food hall as well as Major League Baseball and the Food Network. Google is already the largest tenant at the building, leasing about 400,000 square feet of space. The company’s New York headquarters, at 111 Eighth Avenue, is right across the street.
The deal, which looks to be the first billion-dollar-plus trade to go under contract this year in New York, is slated to close in two months, according to sources familiar with the transaction. They said that Google is paying over $2 billion, or north of $1,600 a square foot. The transaction would give an early boost to the city’s investment-sales market, which saw only one single-building deal exceed $2 billion in 2017 – HNA Group’s purchase of 245 Park Avenue.
Definitely read the entire article by Mark Maurer who contextualizes the deal with a nice summary of Google’s presence in Chelsea and New York’s real estate market.
