Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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


Overnight Avg Rate Latest Change Last Week
30 yr fixed3.41%3.40%
15 yr fixed2.69%2.68%
5/1 ARM2.83%2.86%
30 yr refi3.42%3.43%
15 yr refi2.70%2.71%
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 18,504.84 109.44 0.59%
Nasdaq 5,239.55 20.63 0.40%
S&P 500 2,181.38 12.34 0.57%
Treasuries 1.57 -0.07 -4.10%
Data as of 2:27pm ET
Company Price Change % Change
Bank of America Corp... 15.93 0.14 0.89%
Micron Technology In... 16.99 0.48 2.91%
Chesapeake Energy Co... 6.46 0.06 1.02%
Apple Inc 107.17 0.23 0.22%
Ford Motor Co 12.48 0.10 0.85%
Data as of 2:12pm ET

Sections

The EpiPen scandal has transformed Mylan Pharmaceuticals and its powerful CEO Heather Bresch into the newest symbols of corporate greed gone bad. More

Nearly 10,000 current and former Chipotle workers have joined a class action lawsuit alleging the company forced them to work 'off the clock' without pay. More

Apple is expected to announce the latest iPhone at its annual September press event next week. More

Dreaming of a vacation but can't afford to buy the plane tickets? You can now get financing on airfare on CheapAir.com. More