Google to buy Chelsea Market building for over US$2 billion
Google to buy Chelsea Market building for over US$2 billion
Madeline Stone Business Insider
07 February, 2018, 04:30
Google (GOOGL) is reportedly snatching up Chelsea Market, a New York City shopping emporium for $2 billion, according to multiple reports. Google and Jamestown, which owns the property, are expected to close on a deal in two months, the outlet reported.
The report says that Google already leases around 400,000 square feet of the building, so it makes sense that the company would want to buy it outright. The property's upstairs space is used by tenants including cable television's Food Network, the NY 1 news channel and Major League Baseball Network.
Representatives from Google did not immediately respond to FOX Business' request for comment on the matter.
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Google leases about 400,000 square feet in the building and purchased its NY headquarters across the street, at 111 Eighth Ave., in 2010.
It looks like Google wants to turn Manhattan's Chelsea neighborhood into Mountain View East.
Jamestown bought out Chelsea Market partners Angelo Gordon, Belvedere Capital and ATC Properties in 2011 in a deal that valued the building at $793 million, according to data from research firm Real Capital Analytics Inc.
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