Google Acquires Property From Jamestown Properties With Buyer's Rep Darcy Stacom And Seller's Reps Kevin Donner Adam Spies Doug Harmon
450 W 15th St, New York, NY, 10014
Building Size
—
Asset Type
Office
Closing
May 22, 2019
About this deal
AI
The property asset involved in this transaction is the Milk Building located at 450 West 15th Street, New York, NY 10014. The transaction was marked by a price of $600 million and is situated within the New York market.
Summary of transaction details:
- Property Type: Sale
- Transaction Amount: $600 million
- Buyer: Google
- Seller: Jamestown Properties
- Buyer's Representative: Darcy Stacom, CBRE
- Seller's Representatives: Kevin Donner, Newmark; Adam Spies, Newmark; Douglas Harmon, Newmark
William Floyd, director of external affairs at Google, stated that the purchase aims to address the company's short-term growth needs in the Chelsea-Meatpacking area. This building is linked via a bridge to another property owned by Google, the Chelsea Market building located at 75 Ninth Avenue.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93