|Address:||76 Ninth Avenue||Class:||A|
|Cross Streets:||15th & 16th Streets||Size:||2,900,000 SF|
|Year built:||1932||Architect:||Arpad Baksa Architect, Abbot, Merkt & Co.|
The massive Art Deco building at 111 8th Avenue in Chelsea was erected in the 1930s and served as a warehouse facility until it was converted to office space in the late 1990s. The 18-story building also used to house the headquarters of the Port Authority until the completion of the World Trade Center in 1970. Nowadays, the Midtown South office building is home to various technology and communications companies, its most notable tenant being Google, which purchased the building for $1.9 billion back in 2010. 111 Eighth Avenue is situated right across the street from Chelsea Market, now also owned by Google.
State-of-the-art, Class A office Space Available
The industrial building at 111 8th Avenue underwent a complete makeover in 2000, after it was acquired by Taconic Investment Partners and converted to office use. One decade later, online giant Google, which was already leasing up office space at the site, shelled out nearly $1.9 billion to acquire the property. The company’s continuous expansion then led them to also acquire the building across the street, Chelsea Market, for a record-breaking $2.4 billion in 2018.
The building at 111 Eighth Avenue features state-of-the art technologies, including security systems, a covered parking garage, outdoor terraces, a renovated lobby, elevators and common corridors. The 2.9 million-square-foot building also includes close to 14,000 square feet of retail space, occupied by Starbucks and Banana Republic, among others.
Getting to and from 111 8th Avenue
Employees working within the building at 111 8th Avenue have direct access to the 1, 2, 3, A, C, E, and L subway lines. The dining and shopping options offered by Chelsea Market and Gansevoort Market are also within walking distance.
Who is renting office space at 111 8th Avenue?
Besides anchor tenant Google, the building at 111 8th Avenue is home to various firms operating in the technology and communications industries. Notable companies on the tenant roster include Nike Inc., AT&T, MetLife, Orange Business Services, Equinix, Digital Realty, Beth Israel Medical Center, Criterion and WebMD. There is also a U.S. Post Office within the building, as well as several banks.
How much is the rent price for an office at 111 8th Avenue?
Rental rates at 111 8th Avenue are roughly on par with the overall office asking rents of $76 per square foot commanded in Midtown South. The Chelsea submarket benefits from a skilled, young demographic, and tech and fintech companies are drawn to the area’s former industrial buildings that can be converted to creative office space. Consequently, office vacancy in Chelsea hovers in the low-9 percent range.