https://www.metro.us/news/local-news...-hudson-square
Google planning $1B expansion in Hudson Square, is NYC ready?
With the Google Hudson Square expansion and Amazon HQ2, is New York City infrastructure ready to handle these tech giants?
By Kristin Toussaint
December 17, 2018
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Less than a month after Amazon announced it would establish part of its HQ2 in Queens, Google announced on Monday that it’s expanding in New York City, painting a picture of a tech future for the five boroughs. But is the city ready to handle two tech giants?
Google will create a more-than 1.7 million square foot campus in Hudson Square, investing more than $1 billion into the lower Manhattan neighborhood.
Google Hudson Square, as the company calls its campus-to-be, will occupy 315 and 345 Hudson Street and 550 Washington Street. The company plans to move into the two Hudson Street buildings by 2020 and the Washington Street spot in 2022, once that building is complete.
Google Hudson Square will be the primary location for the company’s New York-based Global Business Organization, but it’s not Google’s first foray into New York City.
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Google first came here in 2000, marking the first Google office outside of California which now houses more than 7,000 employees. In March, Google announced a $2.4 billion purchase of the Manhattan Chelsea Market, and in February, the company said it would lease more space at Pier 57.
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With this Google expansion and Amazon HQ2, Kathryn Wylde, president and CEO of Partnership for New York City, said that New York City’s tech future is clear.
“It’s likely that we’ll not only compete with but surpass Silicon Valley,” she said, “because we literally don't just have a tech industry, we’ve got technology transforming all our major industries.”
...“The capacity of the city to support new job creators is something that we have to deal with [regarding] our transportation system, housing and services,” she said. “But cities grow or die, so our job is to keep pace, to make sure that services and infrastructure keeps pace with economic growth.”
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But those aren't the only infrastructure concerns, according to Shrihari Pandit, CEO of Stealth Communications, a New York City-based internet service provider.
“New York City’s electrical system is over 100 years old," he said in an email. "A decade ago, specialized media and high-tech companies only needed access to high-bandwidth internet, but with modern companies, everyone needs this level of access. This went from a specialized, high-tech infrastructure, to a need for every single company."
There's an "imperative" need for New York's data infrastructure to be modernized for the new wave of business and tech companies headed here, he added, and the Google expansion is proof.
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https://www.bloomberg.com/news/artic...amazon-arrival
Google Climbs NYC Office Space Rankings Ahead of Amazon’s Arrival
By Prashant Gopal , Lily Katz , and Justina Vasquez
December 17, 2018
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America’s finance capital is getting colonized by Silicon Valley. Google’s planned $1 billion expansion in New York will solidify its dominance as the city’s top big-tech office tenant -- but only until Amazon.com Inc. arrives.
Google now ranks 12th by leased office space in Manhattan, with 1.8 million square feet (167,225 square meters), including two agreements announced on Monday, according to Cushman & Wakefield Plc. The company, a division of Alphabet Inc., also signed a letter of intent to occupy about 1.3 million square feet of space at 550 Washington St., which would move it to sixth on the list, with 3.1 million square feet, according to Bloomberg calculations.
“When the Googles of the world and the Amazons of the world announce decisions like that, other tech companies don’t necessarily pile on, but they notice that, oh, this is a place to be,” said Peter Muoio, chief economist at Ten-X Research, a unit of real estate firm Ten-X Commercial. “This really cements that it’s not really just a secondary kind of market, that it’s really becoming a tech capital.”
Leading the list is coworking company WeWork Cos. and finance industry stalwarts including JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley, according to Cushman & Wakefield. Google’s latest investment helps cement its position as Manhattan’s largest big-tech office occupier.
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Google said Monday that it reached lease agreements at 315 and 345 Hudson St. that would add about 400,000 square feet. That, along with Washington Street, will create a campus called Google Hudson Square, the company said.
Even with the expansion, the total is still well behind Amazon, which plans to add as much as 8 million square feet of commercial space across the river in the Long Island City neighborhood of Queens over 15 years. Apple Inc. also recently outlined its intention to grow in the Big Apple.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Last edited by NYguy; Dec 18, 2018 at 6:42 PM.
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