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

New York /
Dec.December 20, 2010 02:05 PM

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]


Related Articles

arrow_forward_ios
Shadow inventory in Manhattan’s flex-office market is contributing to the rising overall availability rate (iStock)

WeWork and Co’s woes add to rising shadow office inventory

WeWork and Co’s woes add to rising shadow office inventory
CBRE CEO Robert Sulentic (iStock)

CBRE lowers SPAC IPO valuation target to $350M

CBRE lowers SPAC IPO valuation target to $350M
From left: Google's Sundar Pichai, Facebook's Mark Holliday, and Factory_OS's Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

Facebook, Google back modular housing startup

Facebook, Google back modular housing startup
CBRE CEO Robert Sulentic (Getty, iStock)

CBRE latest real estate firm to hop on SPAC bandwagon

CBRE latest real estate firm to hop on SPAC bandwagon
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
JLL CEO Christian Ulbrich and CBRE CEO Bob Sulentic (Getty; CBRE; Pixabay)

JLL, CBRE keep cutting as recovery drags

JLL, CBRE keep cutting as recovery drags
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
CBRE CEO Robert Sulentic and the Dallas HQ building at 2100 McKinney Avenue in Texas (CBRE; Google Maps)

CBRE moving HQ from LA to Dallas

CBRE moving HQ from LA to Dallas
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...