Proving yet again that it is more than just a search engine, Google has now beat out some of the city’s top developers as it heads toward the largest real estate purchase of the year. Google signed a $1.8 billion contract for the 2.9 million-square-foot 111 Eighth Avenue yesterday, according to The Times.
That is less than the $2 billion the deal was expected to fetch in late October, but it’s still great news for the city, writes Charles Bagli:
The contract not only signals a rebounding real estate market, at least for office buildings full of high-profile tenants paying good rents, but also reflects a vote of confidence by an expanding technology firm in New York City.
Some tech watchers were skeptical that Google could purchase the building where it has its New York headquarters, but never underestimate the need for more scootering space.