IAC Acquires Land Under Iconic New York City Headquarters for $80 Million

Rhea-AI Summary

IAC has completed an $80 million cash acquisition of the land beneath its New York City headquarters at 555 West 18th Street. This strategic move consolidates ownership of a landmark building designed by architect Frank Gehry and is part of IAC's commitment to the evolving Chelsea area. Chairman Barry Diller emphasized the building's role in fostering creativity and collaboration amidst Chelsea's transformation. The acquisition was facilitated by Institutional Property Advisors, a division of Marcus & Millichap, highlighting the importance of this iconic property in IAC's portfolio. The company, known for building category-leading businesses, aims to evolve while adhering to its principles of financially disciplined opportunism.

Positive

• Acquisition consolidates ownership of landmark property, enhancing IAC's real estate portfolio.
• Strengthens IAC's presence in a revitalized area of New York City, potentially increasing property value.

Negative

• None.

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 18^th 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." 

About IAC

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

Contact Us 

IAC Investor Relations
Mark Schneider
(212) 314-7400

IAC Corporate Communications
Valerie Combs
(212) 314-7251

Marcus & Millichap
Gina Relva
(510) 999-1284

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SOURCE IAC

FAQ

What was the value of IAC's recent acquisition in New York City?

IAC acquired the land under its NYC headquarters for $80 million.

Who designed IAC's headquarters in New York City?

The headquarters at 555 West 18th Street was designed by architect Frank Gehry.

What is the significance of the acquisition for IAC?

The acquisition consolidates IAC's ownership of a landmark property, enhancing its real estate holdings and presence in a transformed area of Chelsea.

When was the acquisition of the land completed?

The acquisition was completed on April 11, 2023.

Which firm brokered IAC's recent property acquisition?

The acquisition was brokered by Institutional Property Advisors, a division of Marcus & Millichap.