Google has bought Chelsea Market, the building on Ninth Avenue, in which it is the largest tenant, The Real Deal reported. The company has been leasing about 400,000 square feet of space about a block away from its current New York headquarters.
After the $2-billion deal yesterday with the Jamestown investment and management company, Google will soon own the entire 1.2 million square-foot office and retail building at 75 Ninth Avenue.
Chelsea Market is also home to The sale will close in two months. It is however, not clear what plans Google has for Chelsea Market.
The deal, which is about to go under contract, is expected to close in two months. Currently Jamestown owns the building and once the deal is done, the company will make a huge profit from the sale.
The investment and management company bought out the original partners in 2011 for $225 million, much less than the $2 billion Google is reportedly paying the company for it. In 2011, the building was worth $800 million.