What Should Google Do? (Take 2)
We did some brainstorming in yesterday’s issue about where Google could get the additional 600k SF it wants in NY. Colliers’ Bob Tunis is an expert to turn to for speculation, considering he repped Google in its leases at 111 Eighth and Chelsea Market. He tells us the company put in more than $900M in TIs, bringing its investment in 111 Eighth from the $1.9B purchase price to $2.8B. In other words, Google is unlikely to sell that property, not least to avoid uprooting its employees. That leaves the company the option to take short-term leases for the space it needs and wait out 111 Eighth’s other tenants or try to buy them out again. Or, a Far West Side development could be a possibility, he says. As for Brooklyn, he believes it's “a bridge too far” for Google.
We'd love to hear others' wacky and real ideas about where Google could find or create space! Email amanda.metcalf@bisnow.com.
