Google to buy Chelsea Market building for over $2 bln

Google to buy Chelsea Market building for over $2 bln

Google will shell out more than $2 billion to buy the historic Chelsea Market building, part of an ambitious expansion plan that would link up several properties the company owns or leases in the neighborhood.

Google leases about 400,000 square feet in the building and purchased its NY headquarters across the street, at 111 Eighth Ave., in 2010.

Google is reportedly acquiring NY shopping emporium Chelsea Market for $2 billion.

American Airlines Group Inc. (NASDAQ:AAL) closed its last session at $49.76
Buckingham Research reissued a "buy" rating on shares of American Airlines Group in a research report on Friday, October 27th. Moreover, Barclays Public Ltd Com has 0.02% invested in American Airlines Group Inc. (NASDAQ:SFM) for 38,676 shares.

Chelsea Market, a one-time Nabisco cookie factory, is now owned by JamesTown LP, an Atlanta-based real estate investment firm.

The 1.2 million-square-foot office-and-retail property at 75 Ninth Avenue is home to the offices of several companies including Major League Baseball, the NY 1 news channel and the Food Network. They said that Google is paying over $2 billion, or north of $1,600 a square foot. As originally reported by The Real Deal, the tech company has plans to close the deal in April.

But it's been expanding with each lease expiration, and so could look to crowd out other corporate tenants (while keeping the retail component as is).

Related Articles