Google to invest $1 billion in new NY campus

Google To Invest $1 Billion To Set Up Campus In New York

On Monday, Google announced it will be investing $1 billion for a new campus in New York City.

Ruth Porat, SVP and CFO of Google and Alphabet, revealed in an official blog post that Google's new campus will be called Google Hudson Square and will be spread over 1.7 million square foot.

Google's first foray into NY, 18 years ago, was far less dramatic than Monday's announcement: a one-person sales team working out of a Starbucks on 86th Street.

Google already has a massive office in Manhattan's Chelsea neighborhood.

Earlier this month, Apple announced plans to invest $1 billion towards building a new campus in Austin to house research, engineering, and customer support personnel. It has also expressed interest and signed a letter of intent for 550 Washington Street.

Even as it looks elsewhere, Google is still buying offices and drawing up plans to construct new campuses near its headquarters, as it tries to build upon its success in internet search, email, web browsers, digital mapping, online video and smartphone software to make money in other markets such as health care and internet-connected homes.

The company plans to move into two of its new locations in NY, at 315 and 345 Hudson Street, by 2020, and another office at 550 Washington Street in 2022. Despite expensive bids and appeals from other regions of the United States, world-class cities can reliably offer tech companies the talent, influence and culture they are seeking.

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The new leases follow Google's recent $2.4 billion purchase of the Manhattan Chelsea Market where it has 7,000 employees. The news follows rumors that Google was looking to find space for up to 12,000 more employees in NY. The company has obtained leases for 315 and 345 Hudson Street.

Tech companies are "coming to the realization that the Bay Area, which has traditionally been the major centre of tech activity in the USA, is getting expensive and crowded", said Andrew Bartels, principal analyst at Forrester Research.

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It also makes sense for Google as NY has been the centre for their core advertising business, Cordwell added.

But Google is not the only company headed to NY for business expansion.

Google hopes to move into the new campus by 2020.

"Our investment in NY is a huge part of our commitment to grow and invest in USA facilities, offices and jobs", Porat said.

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