IAC Acquires Land Under Iconic New York City Headquarters for $80 Million-
NEW YORK, April 11, 2023 /PRNewswire/ -- Today IAC (NASDAQ: IAC) announced the completion of an $80 million all cash transaction to acquire the land under its iconic New York City headquarters at 555 West 18th Street.
The transaction unites IAC's landmark building designed by world-renowned Frank Gehry—which has helped define the area's reformation and landscape—with the ground beneath it.
"Our building was always more than an office. We didn't want to build another skyscraper, we wanted to excite the imagination, stimulate ideas and collaboration, and do so in an area of the city at the cusp of transformation," said Barry Diller, IAC Chairman and Senior Executive. "Seventeen years later, Chelsea bubbles with new life and energy and IAC is proud to have been there at the beginning."
The transaction was brokered by Eric Michael Anton and Steven J. Siegel of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Mr. Anton stated: "It was an honor for our team to successfully complete the sale of this iconic property designed by one of the most accomplished architects in the world."
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially disciplined opportunism will never change. IAC is today comprised of category leading businesses including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. IAC is headquartered in New York City with business locations worldwide.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com