Changes Afoot in Manhattan Tech Corridor
(Wall Street Journal) — Google Inc.’s interest in a downtown Manhattan office building comes at a time of big changes in a little-known technology corridor that’s vital to Wall Street and the city’s telecommunications and Internet businesses. It was revealed last week that Google had signed a contract to buy the behemoth building at 111 Eighth Ave. in a deal valued at $1.9 billion. Google is the largest tenant, occupying about 500,000 of its 2.9 million square feet. The building houses telecom companies like Sprint and Verizon, which are attracted by its proximity to underground fiber cable critical for transmitting high-speed data. The telecom companies, in turn, have attracted another category of tenant in recent years: businesses that transmit stock market and other financial data so fast that enormous sums can be made by shaving milliseconds off the delivery time.