Google Investing $1 Billion in New York City Campus

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Google Hudson Square, as it will be called, will host the firm's Global Business Organization.

However, Google has had a presence in NY for years already with little fanfare.

Google's parent company Alphabet said Monday it was investing over $1 billion in capital improvements to establish a new campus in New York City.

Google plans to invest $1 billion in a new 1.7 million-square-foot Hudson Square campus.

Last month, Amazon.com Inc said it would open offices in NY and the Washington, D.C. area, creating more than 25,000 jobs.

It's the latest tech giant to announce that it would be building new campuses. The St. John's Terminal building on Washington Street will act as the central hub of 1.7 million square foot campus with plans for the company to also occupy two nearby buildings on Hudson street. The company already has more than 7,000 employees in the city. The news follows rumors that Google was looking to find space for up to 12,000 more employees in NY. Here, a pedestrian passes by 345 Hudson Street, one of the buildings Google will be using. NY in particular also offers proximity to Wall Street and already has the second-biggest concentration of tech startups behind the Bay Area and a large base of tech employees, Bartels said.

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But Google is not the only company headed to NY for business expansion.

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

Google has not been quite as aggressive as Amazon which has maintained a rapid growth rate across the country, William Floyd, Google's head of external affairs in NY commented on Google's slower expansion saying: "We've been growing steadily for the past 18 years without heralding trumpets, or asking for support from the government".

"Our investment in NY is a huge part of our commitment to grow and invest in USA facilities, offices and jobs".

It is a "fairly sensible" move for Google given the amount of available talent pool, Atlantic Equities analyst James Cordwell said.

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