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Google Acquires NY Office For $1.8B â€Ž

23 December 2010 11:24 (UTC +04:00)

Baku - APA-Economics. Google Inc. owner of the worldâ€™s most popular search engine, completed the purchase of New Yorkâ€™s 111 Eighth Ave. as the company expands its presence in Manhattan, Bloomberg reported.

Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund sold the building, the companies said in a statement today. They didnâ€™t disclose terms.

Google agreed to pay about $1.8 billion for the property, where it is the largest tenant, a person with knowledge of the deal said earlier this month. That would make it the biggest transaction this year involving a single U.S. building, according to Real Capital Analytics Inc., a New York-based real estate research firm.

The building at 111 Eighth takes up an entire block between West 15th and 16th streets in the Chelsea section of Manhattan, south of Midtown. The former industrial warehouse has 2.94 million square feet (273,000 square meters), according to Real Capital. At that size, it has more floor space than the Empire State Building.