IAC/InterActiveCorp Headquarters, Designed by Frank Gehry, To Take Shape in Downtown Manhattan
IAC/InterActiveCorp (NASDAQ: IACI) today announced that the Company's new headquarters, designed by Frank Gehry, will rise in the Chelsea district of Manhattan. The IAC Building will begin construction by early 2004 and is expected to be fully completed by end of year, 2006. IAC is developing the building in partnership with The Georgetown Company (TGC), a privately-held diversified real estate company based in Manhattan.
Barry Diller, Chairman and CEO of IAC/InterActiveCorp, said, "As our need for space grew, we began to think it might be advantageous to create our own working environment. While much about the future is always unknown, we're confident that InterActiveCorp is at its early growth in a business sector that is at its beginning ... and we're at a stage where it's sensible to put down roots in a buoyant and exuberantly imaginative way. With more than 25,000 employees and 116 locations in 31 states and 20 countries, and operations spread out across Manhattan, we wanted one place where all our activities could find common ground, tailored to the particular needs of a company engaged in the cutting edges of Internet ecommerce life. Three things came together that made the decision for us. The first was being able to work with Frank Gehry, the second was finding a unique location, and the third was finding a trusted building partner in The Georgetown Company.
"After months of planning, we have a design for a new building we believe will not only be great to work in, but will delight all who come within sight of it, in an area of the city that is just beginning its reformation. As part of the building's core concept there will be a ground floor public space and a restaurant that will reflect and utilize all of the IAC brands and be as interactive as we and Frank Gehry can conjure.
"We are very committed to growing our corporate headquarters concurrently with the growth of our many businesses, and we are pleased that New York City both affords us the opportunity to build a unique and landscape-defining edifice, and benefits from the investment IAC is making in developing a corporate presence in Chelsea."
Eminent architect Frank Gehry said, "We're really excited to be working in New York City with Barry Diller and The Georgetown Company to create the new global headquarters of InterActiveCorp. The chance to create a culturally relevant corporate presence in Chelsea is a great opportunity for all of us and we intend to do something really special."
About The Georgetown Company
The Georgetown Company (TCG), founded in 1978, is a privately-held, diversified real estate company. As an owner/developer and development manager, Georgetown and its principals have developed, own, and oversee in excess of 15,000,000 square feet of office, residential, retail, and recreational properties. For more information, please visit www.georgetownco.com.
About Gehry Partners and Frank Gehry
Gehry Partners, LLP is a full service firm with broad international experience in museum, theater, performance, academic, and commercial projects. Founded in 1962 and located in Los Angeles, California, Gehry Partners currently has a staff consisting of over 125 people. Every project undertaken by Gehry Partners is designed personally and directly by Frank Gehry. The staff of Gehry Partners includes a large number of senior architects who have extensive experience in the technical development of building systems and construction documents and who are highly qualified in the management of complex construction projects. In addition, the firm relies on the use of CATIA, a highly sophisticated 3-dimensional computer modeling program originally created for use by the aerospace industry, to thoroughly document designs and to rationalize the bidding, fabrication, and construction process.
Raised in Toronto, Canada, Frank Gehry moved with his family to Los Angeles in 1947. Mr. Gehry received his Bachelor of Architecture degree from the University of Southern California in 1954, and he studied City Planning at the Harvard University Graduate School of Design. In subsequent years, Mr. Gehry has built an architectural career that has spanned four decades and produced public and private buildings in America, Europe and Asia. In an article published in The New York Times in November, 1989, noted architecture critic Paul Goldberger wrote that Mr. Gehry's "buildings are powerful essays in primal geometric form and materials, and from an aesthetic standpoint they are among the most profound and brilliant works of architecture of our time." Mr. Gehry has received more than 100 awards from the American Institute of Architects to honor outstanding architectural design.
IAC/InterActiveCorp (NASDAQ: IACI), formerly USA Interactive, consists of IAC Travel, a division of the company that encompasses Expedia, Inc., which oversees Interval International, TV Travel Shop, Hotels.com and Hotwire.com. IAC has entered into an agreement to acquire Hotwire, which is expected to close during the fourth quarter of 2003, subject to customary regulatory approvals. The other operating businesses of IAC are: HSN; Ticketmaster, which oversees Evite and ReserveAmerica; Match.com, which oversees uDate.com; Entertainment Publications; Citysearch; Precision Response Corporation; and LendingTree. The goal of IAC is to be the world's largest and most profitable interactive commerce company by pursuing a multi-brand strategy.
Contacts: IAC/InterActiveCorp Deborah Roth, IAC Corporate Communications, 212/314.7254 Gehry Partners Keith Mendenhall, 310/482.3000
CONTACT: Deborah Roth of IAC Corporate Communications, +1-212-314-7254;
or Keith Mendenhall of Gehry Partners, +1-310-482-3000, for
Web site: http://www.iac.com/