Published: Tue, December 18, 2018
Markets | By Jeffery Armstrong

Google plans $1 billion expansion in NY

Google plans $1 billion expansion in NY

The company's plans to invest outside its home base mirror those of other USA tech giants such as Apple Inc, which said last week it would spend US$1 billion to build a new campus in Austin, Texas. The new Google NYC headquarters will be dubbed "Google Hudson Square", aptly named due to the location of the buildings in the lower Manhattan district by the same name.

In a blog post, Alphabet and Google CFO Ruth Porat wrote that it is leasing large office buildings in Manhattan's West Village neighborhood, the centerpiece of a campus more than 1.7 million square-feet large.

According to Google, these investments will allow the company to more than double the number of employees in New York City over the next decade.

FBN's Cheryl Casone on Google's expansion plan in New York City.

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The company plans to start moving into two properties on Hudson Street by 2020, and into a newly created building on Washington Street by 2022.

The Alphabet Inc. division said it had reached lease agreements at 315 and 345 Hudson Street and signed a letter of intent at 550 Washington Street to make up the new 1.7 million square-foot campus, called Google Hudson Square.

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.

It is the tech industry's latest major expansion beyond the Seattle-San Francisco Bay corridor.

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It also comes after Apple unveiled plans for a $1 billion campus in Austin, Texas.

The moves from Google and Apple came one month after Amazon announced the results of its much-anticipated search for a place to build its second headquarters.

Earlier this year, the company announced a US$2.4 billion purchase of the Manhattan Chelsea Market.

When we came to New York City nearly two decades ago, it was our first office outside of California. 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.

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