Google to acquire NYC's Chelsea Market building for over $2 billion
Google is on the verge of spending billions on another major building in Lower Manhattan, Mark Maurer reports at The Real Deal.
Why it matters: Tech's growing real estate presence in New York is a reflection of its massive clout and power. Amazon signed a lease last fall, for example, on more than 350,000 square feet of additional office space elsewhere in Manhattan.
The details: The Real Deal reports that Google is nearing the purchase of the Chelsea Market building from real estate company Jamestown. The price will reportedly exceed $2 billion.
- The company has a lot of office space in the building — which is famous as a retail hub. "Google was expected to try and muscle out other tenants at the building, where it has been rapidly swallowing up space, expanding with each lease expiration at the property," Maurer reports.
- The building sits across 9th Ave. from Google's primary office building in New York. Both of the buildings are very large, with each spanning an entire crosstown block.