The Real Deal New York

Google’s $1.8B building deal to be all cash

December 20, 2010 02:05PM

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From left: Eastdil’s Doug Harmon, CB Richard Ellis’ Darcy Stacom, Steve Siegel, Bill Shanahan and the building at 111 Eighth Avenue (building photo source: PropertyShark)

Google is reportedly shelling out $1.77 billion in cash for its new office at 111 Eighth Avenue, which was reported as sold earlier this month, according to the New York Post. Google will occupy 550,000 square feet in the 2.9 million-square-foot Chelsea building, located between 15th and 16th streets. Douglas Harmon of Eastdil Securities marketed the building, which reportedly had numerous competing buyers. But, according to Dan Fasulo of commercial real estate tracking firm Real Capital Analytics, Google’s ability to pay cash helped it succeed in the purchase. “There were a bunch of global investors salivating over the building, but at the end of the day, a corporate user can always pay more than an investor,” Fasulo said. CB Richard Ellis’ Darcy Stacom, Bill Shanahan and Steve Siegel advised Google. (note: clarification made) [Post]

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