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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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