Google Agrees to $2 Billion-Plus Chelsea Market Deal - Bloomberg

["Dave Farber" <farber () gmail com>]

https://www.bloomberg.com/news/articles/2018-02-06/google-is-said-to-agree-to-2-billion-plus-chelsea-market-deal

Google Agrees to $2 Billion-Plus Chelsea Market Deal
February 6, 2018, 11:49 AM EST

Chelsea Market in New York in 2017.
Photographer: Caitline Ochs/Bloomberg
Google agreed to pay more than $2 billion for Chelsea Market, a onetime Nabisco cookie factory across Ninth Avenue from 
the tech giant’s New York headquarters, a person with knowledge of the transaction said.

The seller of the 1.2 million-square-foot (111,500-square-meter) property is Jamestown LP, an Atlanta-based real estate 
investment firm, according to the person, who asked not to be identified because the transaction hasn’t been made 
public. A closing is expected in April, according to the Real Deal, which reported on the pending sale earlier Tuesday.

Chelsea Market is known for its first-floor food hall, which attracts about 6 million visitors annually, according to 
its website. The property’s upstairs space is used by tenants including cable television’s Food Network, the New York 1 
news channel and Major League Baseball Network. The High Line elevated park runs by the building.

Google, a unit of Alphabet Inc., bought 111 Eighth Ave., a former warehouse occupying a full city block, in 2010. Since 
that acquisition, Google has sought to expand in that property as well as in others in the neighborhood. It already has 
about 400,000 square feet in the Chelsea Market building, according to the person with knowledge of the deal. Google’s 
plans for the property weren’t available.

Calls to a representative for Google and to Thomas Sandlin, a spokesman for Jamestown, weren’t immediately returned.

Jamestown bought out Chelsea Market partners Angelo Gordon, Belvedere Capital and ATC Properties in 2011 in a deal that 
valued the building at $793 million, according to data from research firm Real Capital Analytics Inc.

— With assistance by Mark Bergen




-------------------------------------------
Archives: https://www.listbox.com/member/archive/247/=now
RSS Feed: https://www.listbox.com/member/archive/rss/247/18849915-ae8fa580
Modify Your Subscription: https://www.listbox.com/member/?member_id=18849915&id_secret=18849915-aa268125
Unsubscribe Now: 
https://www.listbox.com/unsubscribe/?member_id=18849915&id_secret=18849915-32545cb4&post_id=20180206144129:B7ED833A-0B75-11E8-98D8-8EE33C519688
Powered by Listbox: http://www.listbox.com