Google will open a new $1 billion dollar campus in NYC

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The search giant on Monday detailed its plan to spend $1 billion on a new campus in New York City. The new campus will be Google's global headquarters.

Porat said the latest investment "is a huge part of our commitment to grow and invest in USA facilities, offices and job", and added that "we're growing faster outside the (San Francisco) Bay Area than within it, and this year opened new offices and data centers in locations like Detroit, Boulder, Los Angeles, Tennessee and Alabama".

FBN's Cheryl Casone on Google's expansion plan in New York City.

Many high-tech workers are thus choosing to live elsewhere, causing major tech employers such as Apple, Amazon and Google to look in new places for the employees they need to pursue their future ambitions. The bulk of the company's New York workers is now located at 111 Eighth Avenue, a massive block-long building that was previously owned by the New York Port Authority.

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In a blog post, Alphabet and Google CFO Ruth Porat said it would lease large office buildings in Manhattan's West Village neighborhood which will become the centerpiece of a campus of more than 1.7 million square-feet (160,000 square meters).

The move is the latest high-profile expansion from a US tech giant, following big investments from Apple and Amazon to create new office spaces in New York, Washington, D.C., and Texas. That's in addition to its plans for new sites in Seattle, San Diego and Culver City. Earlier this year, the company announced a $2.4 billion purchase of the Manhattan Chelsea Market.

Last month, Amazon.com said it would open offices in NY and the Washington, D.C. area, creating more than 25,000 jobs. "These are fantastic cities that attract a lot of great talent".

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. Google expects to begin moving into the Hudson Street buildings by 2020 and for the new building to be complete by 2022.

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