New York City's skyline
Tech companies such as Amazon and Apple have announced billion-dollar real estate projects in recent weeks; now Google is joining the fray. This morning the search engine giant announced it was investing $1 billion to establish a new 1.7-million-square foot campus in Manhattan's West Village neighborhood. The campus will be focused around 315 and 345 Hudson St., where Google has signed lease agreements, and at 550 Washington St., where it has signed a letter of intent.
Called Google Hudson Square, it will be the primary location for its New York-based operations.
Google, of course, already has a robust presence in New York City; the company has been here for close to twenty years and now employs some 7,000 local workers. Earlier this year, it announced the $2.4 billion purchase of the Manhattan Chelsea Market and also announced plans lease additional space at Pier 57.
According to a blog post by Google, the company hopes to start moving into the two Hudson Street buildings by 2020, followed by 550 Washington Street in 2022 once the building is complete.
With these investments, Google will have the capacity to more than double the number of its employees in New York over the next 10 years to 14,000.
“Our investment in New York is a huge part of our commitment to grow and invest in US facilities, offices and jobs, writes CFO Ruth Porat in the post. “In fact, we're growing faster outside the Bay Area than within it, and this year opened new offices and data centers in locations like Detroit, Boulder, Los Angeles, Tennessee and Alabama.”
“And as we continue to grow across the country, we look forward to calling New York City home for many years to come.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
