Google to invest $1 billion in new campus in New York City

Google currently houses more than 7,000 employees in the Big Apple.
Image: Google's offices in New York on March 5, 2018.
Google's offices in New York. Spencer Platt / Getty Images file

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/ Source: CNBC.com
By Elizabeth Schulze, CNBC

Tech giant Google will invest $1 billion in a new campus in New York City, the company announced on Monday.

The new “Google Hudson Square” campus will be located at 315 and 345 Hudson Street in Manhattan.

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Google acquired the space through lease agreements, and plans to move into the two buildings by 2020, the company said in a blog post on Monday.

The move will expand Google’s presence near the Hudson River in New York City. Earlier this year, the search giant announced it had purchased Chelsea Market for $2.4 billion.

Google said it also signed a letter of intent for space at 550 Washington Street, near the Hudson Street locations, where it will move in 2022 once the building is complete.

Google said the Hudson Square campus will be the main location for its New York-based global business organization. It said the investments in Chelsea and Hudson Square will create capacity to more than double headcount in New York over the next decade. Google currently houses more than 7,000 employees in New York City in a range of teams including Search, Ads, Maps, YouTube and Cloud.

“Our investment in New York is a huge part of our commitment to grow and invest in U.S. facilities, offices and jobs,” Alphabet CFO Ruth Porat said in the blog post.

The news follows Apple’s announcement last week that it will invest $1 billion in a new campus in Austin, Texas. Amazon announced last month it will open one of its new headquarters in Long Island City in New York.