Posted By Vaibhav Mondhe Posted On

Google Concludes $2.4 Billion Chelsea Market Agreement To Extend Campus At New York

The sale of Chelsea Market of New York for $2.4 Billion to Google concluded this week in an agreement that will extend the presence of the company in the technology corridor of the city alongside the Hudson River.

The trade of the 1.19 Million Square Feet complex that comprises a food hall and ground floor shopping marks a revolution for Jamestown LP, the asset manager that obtained a 75% share in 2003 in the previous Nabisco factory for $280 Million.

Google Concludes $2.4 Billion Chelsea Market Agreement To Extend Campus At New York

Jamestown obtained out its associates in 2011 in an agreement that capitalized the complex at $795 Million, as per reports from the local media. The building located at 111 Eighth Avenue and is next to New York office of Google. 111 Eighth Avenue is one of the biggest buildings in the city that the company obtained for $1.77 Billion in 2010. That building also was designed by Jamestown together with Taconic Partners.

The agreement underlines New York as an incubator for young tech firms and a center for innovation, claimed president of Jamestown, Michael Phillips, to the media in an interview. The sale was initially reported at the beginning of February 2018.

The sale also shows a real estate market of Manhattan that has not lost its worth, claimed a Cushman & Wakefield’s broker, Doug Harmon, to the media in an interview. Cushman & Wakefield represented Jamestown in the agreement. “People have been claiming that the cycle is very old,” claimed Harmon, who was also a broker in the 2010 agreement with Google.

On a similar note, Google might be aiming to give a chance to its luck in the console industry with subscription-supported gaming. The search behemoth, which is not quite victorious in the tablet, handset, or speaker market for now, might shortly be making a pact with Sony and Microsoft as the duo are chief majors in the specific field.