The Future of Manhattan Data Centers Part 1 – 111 Eighth Avenue

Back in September,when 111 Eighth Avenue -one of the world’s premier carrier hotels was up for sale,I mentioned in a blog post that “an astute purchaser [of the building] will see

the inherent value in great tenants with excellent credit (like Google),and data center tenants.” I did not predict at the time that Google itself would purchase the building.  Now that Google has purchased the building,and has shown its intent to expand its presence in the building as quickly as possible,many of our clients have asked us what Google intends to do with the building’s data center tenants.

Google has not had . . . →Read More:The Future of Manhattan Data Centers Part 1 – 111 Eighth Avenue

Data Center Activity Heats Up In Manhattan

Spotlight New York:

  • Since Google’s acquisition of 111 Eighth Ave.,all available space in the building has been taken off the market. The most recent data center transaction in the building was Digital Realty Trust’s sublease of 53,000 square-feet to Telx shortly before the building’s sale.
  • Sabey and local developer Young Woo are under contract to purchase 375 Pearl St.,a 1-million-square-foot former Verizon switching building,for an estimated $100 per square-foot from M&T Bank. The building is well-suited for data center use,with very heavy floor loads,high ceiling heights,limited windows,and abundant shaft space.  Verizon will maintain a three-floor condo interest in the building.
  • . . . →Read More:Data Center Activity Heats Up In Manhattan