Google to invest $1 billion in New York City campus

18 December, 2018, 11:58 | Author: Corey Lynch
  • Google to Spend $1 Billion to Establish New Campus in New York City

Google is spending more than $1 billion to expand operations in New York City.

Google (goog) announced this morning in a blog post it's going to invest $1 billion in expanding its presence in New York City: Google Hudson Square, an over 1.7 million-square-foot campus over three addresses in lower Manhattan. By contrast, Google didn't hold a public competition before deciding to expand its NY office, and the company says it didn't seek special tax breaks connected to the NY expansion.

Porat also said that the company's 'Grow with Google' initiative will come to New York City with a temporary digital skills learning centre on the ground floor of its office on 8th Avenue in Chelsea. Earlier this year in March, Google purchased the Manhattan Chelsea Market for $2.4 billion and also leased space on Pier 57.

Google's billion-dollar investment in NYC is probably a welcomed relief to New Yorkers.

The move by Google follows Amazon's announcement of new headquarters sites in NY and suburban Washington DC worth some $5bn, and Apple's $1bn expansion to Texas and other areas. As we reported last week, Amazon is planning on building a headquarters in New York City as well.

Google has contributed more than $150 million in grants and employee-matched giving to NY nonprofit institutions since 2011, according to Porat. The company has obtained leases for 315 and 345 Hudson Street.




The company now employs some 7,000 people in NY.

With investments in Google Chelsea and Google Hudson Square, the company said it would more than double the number of employees in NY over the next 10 years.

NY is the largest market for technology talent, behind San Francisco, according to a report from brokerage CBRE Group Inc. that looked at the USA and Canada.

Facebook, based in Menlo Park, California, has over 2,000 employees in NY.

The move is the latest high-profile expansion from a USA tech giant, following big investments from Apple and Amazon to create new office spaces in New York, Washington, D.C., and Texas. And this year it opened new offices and data centres in cities including Detroit; Boulder, Colorado; and Los Angeles, as well as in such states as Tennessee and Alabama.

It is a "fairly sensible" move for Google given the amount of available talent pool, Atlantic Equities analyst James Cordwell said.

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