Last week, Apple announced plans to invest $1 billion building a new Austin campus that will be home to 5,000 employees initially. This week, Google announced a $1 billion investment to build a new New York City campus called Google Hudson Square.
The new campus has been made possible by signing lease agreements for 315 and 345 Hudson Street as well as a signed letter of intent for 550 Washington Street. In total, this will offer Google an additional 1.7 million square feet of space to house employees. Google will move into the two Hudson buildings beginning in 2020, and if 550 Washington Street is completed then Googlers will move in starting in 2022.
Google already has a big presence in New York with over 7,000 employees located there working on its Search, Ads, Maps, YouTube, Cloud, Technical Infrastructure, Sales, Partnerships, and Research teams. But it's the search giant's intention to double the size of its NYC workforce within 10 years, and for that the company requires even more space.
The last major investment in the city happened back in February when Google acquired the entire Chelsea Market building for $2.4 billion. Before that, Google acquired 111 Eighth Avenue for $1.9 billion and gained control of 2.9 million square feet of usable space.
Google is keen to point out that it isn't just jobs it brings to New York, but lots of investment, too. The company says it has invested over $150 million in grants and employee-matched contributions to nonprofit institutions since 2011. The company also helped bring over 5,000 free Wi-Fi hotspots to the New York Public Library System. This investment is set to continue, especially in the areas of "STEM education, workforce development, and access to technology."