Google likes its NYC offices so much, it buys the building
Online search giant signs $1.9 billion contract for massive Eighth Avenue property
Looks like Google plans to be in New York for awhile.
The online search giant has signed an agreement to purchase the 111 Eighth Avenue building where its New York City offices currently are located, according to the Wall Street Journal.
The 2.9-million-square-foot building is in the Chelsea neighborhood of Manhattan. Google now occupies about 500,000 square feet of space in the structure. Other occupants include WebMD, the Lifetime cable channel and Nike, the WSJ reports. A number of telecommunications companies lease approximately one-third of the building.
No word on whether Google will be renting space to online eyewear retailer DecorMyEyes. (That's a joke.)
According to the WSJ, the deal is "the biggest for a single building in the U.S. this year." Yet Google could buy three of these buildings for the amount of money it reportedly has offered online discount shopping site Groupon. It must be nice to have that kind of money to play with.
The deal isn't final -- officially, anyway -- but sources tell the WSJ that Google has made a huge down payment, which usually bodes well for deals such as this.
Chris Nerney writes about the business side of technology market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and technology stocks. Follow him on Twitter @ChrisNerney.