Google will invest $1 billion in yet another campus in New York City, the organization reported on Monday. The new 1.7 million square foot “Google Hudson Square” campus will consist two structures situated at 315 and 345 Hudson Street and an office space situated at nearby 550 Washington Street in Manhattan, Google said in a blog post on Monday.
The move will expand Google’s presence close to the Hudson River in New York City. Prior this year, the search engine giant declared it had bought shopping and office complex Chelsea Market for $2.4 billion.
Google said the Hudson Square campus will be the principal location for its New York-based global business organization. It said the investments in Chelsea and Hudson Square will make the capacity to dramatically increase headcount in New York throughout the following decade. Google presently houses more than 7,000 workers in New York City in a range of teams including Search, Ads, Maps, YouTube, and Cloud.
“Our investment in New York is a major piece of our pledge to develop and put resources into U.S. offices, workplaces, and jobs,” Alphabet CFO Ruth Porat said in the blog post.
Google consented to lease agreements for the Hudson Street spaces and plans to move into the two structures by 2020, the organization said. It signed a letter of intent for the 550 Washington Street space, where it will move in 2022 once the building is finished.
The news follows Apple’s announcement last week that it will put $1 billion in a new campus in Austin, Texas and build new sites in Seattle, San Diego and Culver City, California. Amazon announced last month it will open one of its new headquarters in the Long Island City neighbourhood of Queens in New York.
Shares of Google’s parent organization Alphabet opened slightly lower on Monday and have dropped 2 per cent year-to-date.