Published: Tue, December 18, 2018
Finance | By Jaime Brady

Google To Build New $1 Billion Campus In NYC

Google To Build New $1 Billion Campus In NYC

Google's parent company Alphabet on Monday said it was investing more than $1 billion to set up a new campus in New York City.

Google Hudson Square will be the company's primary location for its NY operations.

Google isn't the only tech firm expanding their reach in NY, e-commerce giant Amazon also recently announced plans to add 25,000 employees to a Long Island City facility in Queens. Just days after Apple's announcement for a new $1 billion campus in Austin, Texas, Google reveals its intentions for a new $1 billion campus in New York City, which will expectantly bring more than 7,000 new jobs, The Washington Post reports.

The announcement comes just days after Apple said it would build new offices across the United States, a plan that includes adding hundreds of jobs in NY. (Pictured above: Artist's rendering of 315 Hudson St., which is now undergoing redevelopment by its owner, real-estate firm Jack Resnick & Sons.) That will be followed by the nearby St. John's Terminal building, at 550 Washington St., in 2022 once the building is complete. In the end, the online retailer chose to open two new facilities - one in New York City and another in Northern Virginia near Washington, D.C.

Google is planning a new campus in New York City, based in lower Manhattan at three buildings, including the new Saint Johns Terminal structure at 550 Washington Street, pictured here. The company already has more than 7,000 employees in the city. The development plan looks to establish a 1.7 million square-foot satellite location.

Pictured above: Artist's rendering of 315 Hudson St.

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

Earlier in March, Google had announced a $2.4 billion purchase of the Manhattan Chelsea Market.

As part of the New York City expansion, Google and Alphabet Chief Financial Officer Ruth Porat said in a blog post out this morning that the company "will have the capacity to more than double its staff" in the city over the next 10 years.

Bottom line: NY is better off relying on its natural advantages to attract employers, and should quit offering special deals in the name of jobs.

The move is the latest high-profile expansion from a US tech giant, following big investments from Apple and Amazon to create new office spaces in New York, Washington, D.C., and Texas. It will begin moving into the Hudson Street locations in 2020 and Washington Street by 2022.

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