Google parent co. Alphabet announces $1 B NYC real-estate expansion

Google- 315 Hudson Street

Google- 315 Hudson Street

Hudson Square will be the primary location for Google's New York-based Global Business Organization.

The Alphabet company now has more than 7,000 employees working in New York City. This week, Google announced a $1 billion investment to build a new New York City campus called Google Hudson Square.

Apple Inc. said last week it would invest $1 billion to grow its operations in Austin by constructing a new employee campus in the area, large enough to house 15,000 additional employees.

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.

It's the latest tech giant to announce that it would be building new campuses.

Google expects to start moving into the Hudson Street buildings by 2020, and to the Washington Street building by 2022 after construction is complete. The company has maintained a small presence of about 7,000 workers in offices there. In total, the new space is reported to span more than 1.7 million square feet.

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"When we came to New York City nearly two decades ago, it was our first office outside of California", said Google's Senior Vice President and CFO Ruth Porat in a blog post. The company has obtained leases for 315 and 345 Hudson Street.

Porat telegraphed Google's plans to double down in NY a month ago during a technology conference.

The move to invest in prime real estate in the westside of Manhattan also underscores the growing importance of NY as a hub for innovation and an incubator for technology companies.

"We're growing faster outside the Bay Area than within it", said Ruth Porat, chief financial officer of Alphabet and Google.

"New Yorkers consider themselves to be more in tune with the reality of life in USA urban centres and believe this helps them innovate products and services that are more closely aligned with the needs of the average American", he said. Google purchased that building for $1.9 billion in 2012.

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