111 Eighth Avenue is a 2.9 million square-foot property located at the nexus of Chelsea and the Meatpacking District, and is one of the three largest buildings in New York City. Originally developed as the headquarters of the Port Authority of New York in 1932, the property occupies an entire city block between 8th and 9th Avenues and 15th and 16th Streets, and sits above the 14th Street/8th Avenue subway station serving the A, C, E, and L lines.
Taconic acquired the property in January 1998. At the time, numerous warehouse tenants occupied much of the property, and the Midtown South market (of which Chelsea was a sub-district) was not considered a viable office location. Recognizing the property’s potential and its strategic location within an emerging market, Taconic implemented a complete repositioning plan including vacating the printing and warehouse tenants to assemble large blocks of space. The extraordinary base building renovation overhauled vertical transportation, lobbies, common corridors, power plants, and fuel delivery systems, transforming 111 8th Avenue into a leading first-class office building. The building became home to Google’s NYC headquarters and became widely known as the “Google Building”. It is also home to a diverse tenant base including healthcare and telecom companies.
The property was sold to Google in 2010, and at that time the deal was the second-largest full single-asset sale ever in New York City. Taconic continues to manage the property on Google’s behalf.