Google Makes $1.77B Deal For Building In New York

Google said it has bought new digs in New York City, in a billion-dollar deal.

In a blog post from David Radcliffe, vice president of real estate and workplace services, the company said it is buying the building at 111 Eighth Avenue, formerly the home of the Port Authority of New Yortk and New Jersey. According to the New York Post the price is $1.77 billion.

Google was previously leasing space in the building, but Radcliffe said the company cloased a deal with Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund to buy the property.

The comapny also has space in the Chelsea Market building at 75 Ninth Avenue. The two facilities house a total of 2,000 Google employees.

the building at 111 Eighth Ave was constructed in 1932, and has functioned as a data center, or carrier hotel for the last several years. The building has more than 2 million square feet of space.The building also sits on one of the biggest concentrations of fiber optic cable in the country, if not the world.

Originally it was the Inland Freight Terminal for the Port Authority, and it has also served as a check processing center for Chase when it merged with Chemical Bank in the 1990s.