>"As part of the deal, we’ve retained Taconic Management Company to continue the leasing oversight services and management of the building on our behalf"
The building cost ~1.9 BILLION -- may be one of the most expensive real-estate deals yet.
The building cost ~1.9 BILLION -- may be one of the most expensive real-estate deals yet.
Google manages its money like a private hedge fund. Considering currency fluctuations, real estate is often considered a good hedge against inflation so it may seem like a smart move in the future.
http://www.silobreaker.com/google-net-cash-reserves-up-70-pc...
http://www.fool.com/investing/general/2010/06/07/google-the-...
Tishman Speyer Properties and Black Rock Realty jointly bought Stuyvesent Town and Peter Cooper Village (two very large, sprawling apartment complexes in Manhattan) for over $5bn, back in '06. Of course, they had to give it up in January because things didn't work out quite like they expected (rent controlled apartments don't give up the ghost easily; they'd wanted to turn them into high-class ibanker condos).
Source: http://www.theatlanticwire.com/opinions/view/opinion/America...