The Real Deal New York

Google takes more space at Jamestown’s Chelsea Market

January 27, 2014 05:25PM
By Hiten Samtani

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From left: Chelsea Market at 75 Ninth Avenue, Google's Larry Page and Sergey Brin and 111 Eighth Avenue

From left: Chelsea Market at 75 Ninth Avenue, Google’s Larry Page and Sergey Brin and 111 Eighth Avenue

Google is expanding further at Jamestown Properties’ Chelsea Market, The Real Deal has learned. The search giant is taking 17,658 square feet on the second floor of the 75 Ninth Avenue building, where it now has over 300,000 square feet.

Google will pay rents in the mid-$60s per square foot for the additional space in a seven-year deal, according to CompStak data. The search engine giant was represented by CBRE’s Ken Rapp, David Hollander, Doug Lehman and Chris Corrinet, while Jamestown was represented by Newmark Grubb Knight Frank’s David Falk.

All brokers involved declined to comment on the deal, and a spokesperson for Jamestown declined to comment. A spokesperson for Google could not be immediately reached.

With a current market capitalization of about $368 billion, Google is one of the world’s most valuable companies, and has been expanding aggressively in New York. It paid $1.8 billion for its city headquarters at 111 Eighth Avenue in 2010 and has been unsuccessfully trying to squeeze out its neighbors at the 2.9 million-square-foot building, where it has about 775,000 square feet.

Google added 94,000 square feet to its 1.2 million-square-foot 75 Ninth Avenue space in October 2012, and then took a further 84,000 square feet last year, according to CompStak. The company is also in talks to take 360,000 square feet at the Related Companies’ 85 Tenth Avenue, according to previous news reports.

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