One of the virtual world's most prominent companies has finalized a deal today to purchase a Chelsea office building for $1.9B. The company, whose unofficial motto is 'Don't be evil', has sparked some life back into the commercial real estate sector of the city. Their new space at 111 Eighth Avenue is rumored to be the city's fourth-largest office building with 2.9 million square feet, the Times reports. Taxes on the purchase will bring New York State a much needed $7.08 million, and New York City a huge $46,462,500, helping to fill some very empty coffers.
Google, which also has offices and land in New Jersey, is expected to expand its city workforce dramatically in the years to come, as it will now have the ability to fill in the additional 2.5 million feet as other large leases at 111 Eighth Ave. expire. Sale of the building should be finalized by the end of the year, which means that, come 2011, anyone using Yahoo in the building will be up for eviction! (jk, jk)
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