[bnk]

Looks like a fair price based on this 2010 article. I don't think the building was really worth 2.9B at the time but 1.9 seems right.

http://articles.nydailynews.com/2010...tment-partners

Google reportedly to pay four fold increase on $2.9 billion 111 Eighth Avenue building



BY NICOLE CARTER

DAILY NEWS STAFF WRITER

Wednesday, October 27, 2010


Google is apparently ogling Chelsea's 111 Eighth Ave. building ... for a mind-blowing $2.9 billion.

The company is reportedly close to dropping the megabucks for the 18-story behemoth, which is priced at four times what it sold for 12 years ago, reports said Wednesday.

In 1998, the building was bought by a group led by Taconic Investment Partners, who paid only $387 million for 111 Eighth and three other buildings, reported the New York Times in September, when the building hit the market.


If Google shells out the cash, they will be paying a fourfold increase - even more, considering that Taconic bought in as part of a package deal. When the building went on the market this year, experts predicted that if the building actually fetched $2 billion, it would be a silver lining in tough economic times.

...

Google reportedly already rents 550,000 square feet of space in the building. Because the building is equipped for high-tech businesses, other interested buyers are plenty and include foreign sheiks and wealthy locals, the Observer reports.