Google to buy Chelsea Market building for over $2 bln

Report: Google to pay $2B for Chelsea Market building

Report: Google to pay $2B for Chelsea Market building

Google (GOOGL) is reportedly snatching up Chelsea Market, a New York City shopping emporium for $2 billion, according to multiple reports.

Google already counts itself as Chelsea Market's largest tenant, occupying 400,000 square feet of real estate on an upper floor.

Chelsea Market, a one-time Nabisco cookie factory, is now owned by JamesTown LP, an Atlanta-based real estate investment firm.

The 1.2 million-square-foot office-and-retail property at 75 Ninth Avenue is home to the offices of several companies including Major League Baseball, the NY 1 news channel and the Food Network.


In its coverage, The Real Deal noted that Jamestown, based in Atlanta, valued the property at close to $800 million in 2011, when it bought out Angelo, Gordon & Co., Belvedere Capital and Irwin Cohen in the building for $225 million.

After years of the tech giant seizing Chelsea Market vacancies as they became available, Google is close to purchasing the 75 Ninth Ave. building for more than $2 billion, according to The Real Deal. It's unclear what Google will try to do if the purchase goes through-especially since the Chelsea Market building is already nearly fully occupied.

At a $2B price Google would be paying more than $1,600 per square foot.

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