Google eyes purchase of massive NY building - report

111_eight_ave_address.jc.top.jpgGoogle is considering a buy-out of its landlords at one of the largest buildings in New York City, according to a report. By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Buzz on the street is that Google is well-positioned to buy out its landlords, at one of the largest buildings in New York City.

Google (GOOG, Fortune 500) is in talks to purchase the 111 8th Ave. office building in Manhattan for about $2 billion, according to the New York Post.

The Internet giant is already a tenant at the sprawling property, a 2.9 million-square-foot structure, that takes up an entire city block in the posh Chelsea district.

The current address of Google's New York headquarters, at 76 9th Ave., is located at the western end of the building. According to co-owner Taconic Investment Partners, the structure is the second-largest in New York City and originally served as the headquarters for the Port Authority of New York.

Taconic has sunk $50 million into the building since acquiring it in 1998 -- which includes an overhaul of elevators, lobbies, corridors, power plants and fuel delivery systems.

"Under Taconic's stewardship, the rent roll was substantially increased and the credit tenant roster today includes some of the world's recognized brands," Taconic said on its website.

Google and Taconic did not confirm to CNNMoney.com whether the deal is under discussion. But with $33.4 billion cash and marketable securities in reserves, Google seems like it could handle the purchase. To top of page


Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.89%3.91%
15 yr fixed3.09%3.03%
5/1 ARM3.39%3.45%
30 yr refi3.96%3.97%
15 yr refi3.18%3.12%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in: New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Index Last Change % Change
Dow 18,096.90 -106.47 -0.58%
Nasdaq 4,967.14 -12.76 -0.26%
S&P 500 2,098.53 -9.25 -0.44%
Treasuries 2.12 0.00 0.05%
Data as of 6:39pm ET
Company Price Change % Change
Bank of America Corp... 15.84 -0.15 -0.94%
Alcoa Inc 14.59 -0.59 -3.89%
Chesapeake Energy Co... 15.49 -0.71 -4.38%
Cisco Systems Inc 29.33 -0.21 -0.71%
Apple Inc 128.54 -0.82 -0.63%
Data as of 4:03pm ET

Sections

Sen. Bill Nelson, the top Democrat on the Senate Commerce Committee, is calling for a federal investigation into Lumber Liquidators. More

China's new business friends can be found in Latin America, a region America once dominated. More

Sean Rad, co-founder of dating app Tinder, says that the smartphone has made dating less intimidating. Laurie Segall reports. More