Briefing

Google details major New York expansion

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Google announced on Monday it plans to spend US$1 billion to expand its presence in New York City, including doubling its workforce in the city to 14,000 in the next 10 years. The investment adds to the company’s US$2.4-billion purchase of Chelsea Market earlier this year, and makes it one of the city’s largest commercial tenants. (Wall Street Journal)

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Talking point: Google will become a tenant of a West Village office building at 550 Washington Street. The building is owned by Toronto-based Oxford Properties Group, with Canada Pension Plan (CPP) having a 47.5 per cent stake. The New York City real-estate play may provide clues to the kinds of big players who could be involved in moving Google’s Toronto campus to the Quayside, as part of the Sidewalk Toronto project. Google now says it’s growing headcount faster outside of Silicon Valley than inside. And it’s not the only Big Tech company focusing its growth elsewhere: last week, Apple said it will spend US$1 billion to expand in Austin.