Google also reports that over 2000 employees currently work in the office and that the company plans to hire more people to fill up the massive space — At 15 floors and 2.9 million square feet, 111 Chelsea is New York City’s fourth largest office building.
New York City Landlord as Google’s Next Big Revenue Model
Google’s next big revenue model? New York City landlord. The search giant posted on its own blog that it has sealed the deal to purchase 111 Eighth Avenue in Chelsea, where it already occupies 50,000 square feet. value of the deal is more than $1.8 billions.
As part of the deal, Google will be leasing out the building to continuing and new tenants.
“Today, we’re pleased to announce that we’ve closed a deal with the partnership of Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund to purchase 111 Eighth Avenue (also known as 76 Ninth Avenue).
As part of the deal, we’ve retained Taconic Management Company to continue the leasing oversight services and management of the building on our behalf, providing the same level of customer service the building’s tenants have come to expect. We believe that this is a great real estate investment in a thriving neighborhood and a fantastic city.”