March 21, 2018
Jamestown said Tuesday it had closed on its sale of Chelsea Market to Google Inc. for $2.4 billion. Google already occupies a significant portion of the 1.2-million-square-foot complex, a former Nabisco factory in West Chelsea that’s best known for its ground-floor food hall.
For both buyer and seller, the Chelsea Market deal marks the second time around the block. In 2010, Jamestown and its partners sold Google the nearby 111 Eighth Ave. for $1.77 billion in that year’s biggest single-asset sale in New York.
“For Jamestown, this is the highest profile example to date of our unique approach to creating value, but it’s consistent with transformative projects we’ve successfully undertaken across the country,” said Jamestown president Michael Phillips. Jamestown was represented in the Chelsea Market deal by Doug Harmon, Adam Spies, and Kevin Donner at Cushman & Wakefield, while Darcy Stacom at CBRE represented Google.
For comments, questions or concerns, please contact Paul Bubny