Google scoops up another Jamestown property in Chelsea for $600M

The Milk Building is connected to Chelsea Market by a bridge across 15th Street

New York /
May.May 22, 2019 05:00 PM
From left: Jamestown’s Michael Phillips with the Milk Building at 450 West 15th Street and Google’s Sundar Pichai with the Chelsea Market building at 75 Ninth Avenue (Credit: Google Maps; Phillips via CoStar; and Pichai via Getty)

From left: Jamestown’s Michael Phillips with the Milk Building at 450 West 15th Street and Google’s Sundar Pichai with the Chelsea Market building at 75 Ninth Avenue (Credit: Google Maps; Phillips via CoStar; and Pichai via Getty)

UPDATED, May 23, 1:09 p.m.: Got Milk?

Google is further expanding its footprint in Chelsea by picking up the Milk Building at 450 West 15th Street from Jamestown Properties, according to Crain’s. The building is connected by a bridge to another former Jamestown property now owned by Google — the Chelsea Market building at 75 Ninth Avenue.

“This purchase will help us meet our short-term growth needs in Chelsea-Meatpacking,” said William Floyd, Google’s director of external affairs.

The price of the transaction was $600 million, according to the Financial Times. A Cushman & Wakefield team of Doug Harmon, Adam Spies, and Kevin Donner represented the seller, while Google was represented by CBRE’s Darcy Stacom.

Cushman and CBRE also represented Jamestown and Google, respectively, in last year’s $2.4 billion all-cash Chelsea Market deal.

This acquisition marks the tech giant’s third property purchase in the neighborhood since 2010, when the company picked up the full-block 111 Eighth Avenue for $1.8 billion from Taconic Partners, Jamestown and New York State Common Retirement Fund.

In addition to the three properties it now owns, Google is also a major tenant at two other adjacent properties: Vornado Realty Trust and Related Company’s 85 10th Avenue, where it leases 240,000 square feet, and RXR Realty and Youngwoo & Associates’ Pier 57, where it will take up 370,000 square feet.

Google currently has over 8,000 employees in New York City, and has plans to double that over the next decade with a new $1 billion campus in Hudson Square. [Crain’s, FT] — Kevin Sun


Related Articles

arrow_forward_ios
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Clockwise from top left: Charles Cohen, Douglas Durst and 657 West 57th Street Avenue (Getty, Google Maps)
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
MGM Growth Properties CEO James Stewart and Vici CEO Edward Pitoniak (MGM, Vici)
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
27 Whitehall Street (Google Maps, iStock)
Fidi landlord accused of permitting massage parlor prostitution
Fidi landlord accused of permitting massage parlor prostitution
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
arrow_forward_ios

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

Loading...