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Google to Spend Almost $2B on 2.9M Square Feet

New York City is an expensive place to live – that is no secret. Still, if you thought you had it bad paying over $2,000 per month for your not-so-spacious one bedroom on the Upper East Side, then you obviously haven't heard of the kind of money it costs to actually buy property anywhere downtown.

Google is rumored to be closing a deal that will see the search giant acquire the 2.9-million-square-foot building that currently houses the company's New York offices.  The company actually only occupies about 500,000 square feet of the building, which is situated in Manhattan's Chelsea neighborhood. However, earlier this year, the company was said to be one of the front-runners for purchasing the 8th Avenue building and now it looks as though things are all but stitched up.

The Wall Street Journal cites people familiar with the matter that say Google won because of its willingness to close the deal before the end of the year, and because the company knew the building so well. Other tenants include WebMD, Nike, and several telecommunications companies.

The Journal's sources say that while the deal could still fall apart, it's unlikely as there's a binding contract and a large deposit involved. The $1.9 billion deal is said to be the biggest for a single building in the country this year.

Read the full story on the Wall Street Journal.