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Google To Invest $1 Bln In New NYC Campus

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Alphabet Inc.'s (GOOG,GOOGL) Google said Monday that it will expand its presence in New York City by investing over $1 billion in capital requirements to establish a new campus known as Google Hudson Square.

Google noted that its investment in New York is a huge part of its commitment to grow and invest in U.S. facilities, offices and jobs.

The new 1.7 million square-foot campus is a result of lease agreements at 315 and 345 Hudson Street and a signed letter of intent at 550 Washington Street. Google said it hopes to start moving into the two Hudson Street buildings by 2020, followed by 550 Washington Street in 2022 once the building is complete.

Google Hudson Square will be the primary location for its New York-based Global Business Organization. The tech giant noted that its most recent investments in Google Chelsea and Google Hudson Square will provide it with the capacity to more than double its headcount in New York over the next 10 years.

"When we came to New York City almost two decades ago, it was our first office outside of California. It's now home to more than 7,000 employees, speaking 50 languages, working on a broad range of teams including Search, Ads, Maps, YouTube, Cloud, Technical Infrastructure, Sales, Partnerships and Research," Ruth Porat, SVP and CFO of Google and Alphabet said in a blog post.

Earlier in 2018, Google announced the $2.4 billion purchase of the shopping and office complex Manhattan Chelsea Market and also said it plans to lease additional space at Pier 57.

Other tech giants have also recently announced plans to expand in the U.S. In Mid-November, Amazon.com Inc. (AMZN) said it has selected New York City and Arlington, Virginia, as the locations for its new headquarters.

Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees each in New York City and Arlington. The new locations will join Seattle as the company's three headquarters in North America.

Last Thursday, Apple Inc. (AAPL) said it will invest $1 billion to build a new corporate campus in Austin, Texas, that will eventually create 15,000 jobs.

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