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."
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