GOOGLE SIGN | REUTERS
Alphabet Inc’s Google is investing more than $1 billion (USD) on a new campus in New York, becoming the second major technology company after Amazon to pick America’s financial capital to expand and create thousands of jobs.
The 1.7 million square-foot campus, called Google Hudson Square, will include leased properties at Hudson Street and Washington Street, the company said in a blog post on Monday (December 17).
Google hopes to start moving into the buildings beginning in 2020 and plans to double its New York headcount to 14,000 in the next 10 years.
“What firms need to do is go where people want to work, where they can get the talent and New York is one of those cities that has sort of proved itself as being able to attract young, tech, millennial type talent,” said Peter Muoio, executive vice president and head of research at Ten-X Commercial, the nation’s largest online platform where commercial real estate is bought and sold.
Google plans to invest outside its home base mirror those of other U.S. tech giants such as Apple Inc., which said last week it would spend $1 billion to build a new campus in Austin, Texas.
Last month, Amazon.com Inc said it would open offices in New York and the Washington, D.C., area, creating more than 25,000 jobs.
“I think what really drives these decisions is the lack of enough workers to fill their needs just in Silicon Valley. And so I think what Amazon is doing and what Apple’s doing in Austin and what Google just announced in New York are just all manifestations of their need for a more diversified and broader workforce than what they can get in Silicon Valley,” Muoio said.
Google’s first New York office at 111 Eighth Avenue is one of the city’s largest buildings that it bought in 2010 for $1.77 billion.
Earlier this year, the company announced a $2.4 billion purchase of the Manhattan Chelsea Market. It also has leased space on Pier 57 jutting into the Hudson, which will create a four-block campus. — Reuters