By A.D. Pruitt
- Daniella Zalcman for The Wall Street Journal
- The sale of New York City’s 111 Eighth Avenue to Google was the biggest office deal of 2010.
The top three sellers of office buildings in 2010 have one thing in common: Google.
Indeed, the roughly $1.8 billion sale of 111 Eighth Avenue in Manhattan to the Internet giant was the biggest deal of the year in terms of dollar amount. As such, it catapulted sellers Taconic Investment Partners, Jamestown and New York State Common Retirement Fund to the top three rankings respectively, according to data compiled by Real Capital Analytics for Developments.
For the later two that was their only office building sold in the U.S. Taconic had a total of two office property sales worth $1.79 billion.
Google signed a contract in December to buy the 2.9 million square foot building, which once housed the headquarters of the Port Authority of New York and New Jersey. It will occupy about 500,000 square feet as the largest tenant.
Read more about the top sellers of U.S. office buildings in 2010 at WSJ’s Developments blog.
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